Nifty - Weekly Expiry

Nifty's opening gap down.

Should swiftly move to 17467.

Targets, support, resistance are mentioned.

Comment:

17465-17475 Zone provided support to Nifty previous 2 days.

So, when the index opened below this zone, but close to it, it would move up to the zone. The first attempt failed. I suspect more attempts will follow.

17404-17415 is a support zone for now.

Comment:

The targets
* 17467 - Done.
* 17496 - Done

Until the first 2 Hour candle closes, I won't take a rigid bearish/bullish view.

Comment:

Third target - 17512.4 Done.

Nifty may see 17530, but may be after a pause.

Comment:

1st 2 Hr Candle closed at 17480.3

Although it's above the support zone I mentioned at the start of the day, I don't feel confident about staying long for a lot of time. Only small targets.

Watch for Nifty changing trend. The moment 30 min candle closes below 17465 - short Nifty - Targets 17448, and Day's opening of 17423, and if that's achieved, then 17400-17405.

Long above 17512(or 17500 based on your risk appetite) for a target of 17532.

Comment:

Either towards 17580 or towards 17380 - appx.100 points move on either side. One of this will happen today.

Comment:

17600 Calls have the highest OI. Also, 17500 calls are getting unwind.

I feel tracking 17500 calls is the key.

If there is a build up, it means index headed to 17400-17380
If the unwinding continues, index headed to 17580-17600.

There is a 3rd possibility that Nifty will close somewhere in the vicinity of 17500, but I would give less probability to that (for now)

Comment:

Also, when index at 17500

17500 CE is trading around 22
17500 PE is trading around 33

What's happening :)

Comment:

Guys, buy above 17480, sell below 17460.

Long Targets - 17520, 17550 , 17580
Short Targets - 17434, 17420, 17396, 17380

Comment:

all 3 long targets done :)

Nifty cmp 17583