Praveen Bhai thanks for quick response. Good Observation.
Slightly different view on similar line : expecting it to go to around 424 and show some doji or red a candle with 424 as top , considering today's nifty strength.
and than it can go down.
Decemeber put option in Gail has very low liquidity and some absurd pricing :(
Praveen Bhai , DId you take the trade ? I bought 430 strike put options around 20.5
Got busted , took loss of 5 (*1500) rs per lot ,
Missed very very basic analysis , 20 moving avg is abv 50 mov avg , so the trade has to be with trend :((
Praveen Bhai I take it as gr8 opportunity for me to learn.
I have completely opposite view on this now, The only trade to take in this is long ,
Entering short trade is like working for 5-10 bucks counter trend pull backs and ignoring 50 -100 bucks rally , not worth the efforts.
(short would be a pull back scalp trade that too b'cas of virtue of NIFTY falling and not bcas of analysis ).
if it shows 395-400 would be superb double bottom with RSI divergence (dream entry) , possibility of break below this support and going to 360 would be extreme bcas at that point than RSI would be single digit. (And nifty would be below 6800)