Nifty with today's close gave a bearish candlestick pattern on a 'weekly' basis which tells us that it will break 11400 in the coming week and move towards 11350. One may sell Nifty on rise with SL of 11575 and targets of 11400/11350. The Bank Nifty has also given the same kind of pattern and hence the downward move will have help from the banks as well. So a lucrative trade on the cards.
Trade closed: target reached:
As expected the Nifty has breached 11400 and 11350 in the initial minutes of trade. A fantastic opportunity for people who were short over the weekend. A fairly good trade for the Option Put buyers. A fantastic trade for Option Call sellers. A substantial dip in the premium on account of time decay and the move on the downside.
Closing all the positions. Nifty made a low below 11350.
Closing all the positions. Nifty made a low below 11350.