BANK NIFTY
Important Levels for 13-07-2021.
The entire day the price stayed within our no trade zone but the negative price action at 35530 did give us a chance to go short and further it was helped by a massive sell off in global markets.
For tomorrow, it will be good to short below 35120 levels for target of 34920-34950 levels which is also the VPOC from 02-07-2021. We can also take shorts at higher levels seeing the price action.
Strict no to longs unless 35530 is taken out with volumes or big a gap down opening followed by a good positive candle, the option chain suggests a good amount of put writing at 35000 which is also strengthened by some call unwinding which means there is a high probability of prices going up from 35000 spot levels, but we wait for price action there and then take positions accordingly.
The entire day the price stayed within our no trade zone but the negative price action at 35530 did give us a chance to go short and further it was helped by a massive sell off in global markets.
For tomorrow, it will be good to short below 35120 levels for target of 34920-34950 levels which is also the VPOC from 02-07-2021. We can also take shorts at higher levels seeing the price action.
Strict no to longs unless 35530 is taken out with volumes or big a gap down opening followed by a good positive candle, the option chain suggests a good amount of put writing at 35000 which is also strengthened by some call unwinding which means there is a high probability of prices going up from 35000 spot levels, but we wait for price action there and then take positions accordingly.
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