NIFTY - Bullish / Bearish ?

I've marked the zones for buying & selling, and respective targets.

Each target could be a potential retracement/reversal point, so choose to book partial or full profits.

There will a new ATH in the near future. The index spent a lot of time above 180000 level, so the question is whether we'll see the ATH this month or next.

Suggest not to have a strong bullish/bearish view and go with the trend. Btw, I'm moderately bullish.

Also, watch out for the index movements around 18582 level.

I will update my views once the market opens on Monday.

This is neither a recommendation nor a prediction. Use your own judgement, and keep a stop loss.

Good Luck!

Note

Options Data:

PCR is neutral at 1.01 - with highest OI around the spot on both sides

OI strikes
19000 CE - 77,99,400
18300 PE - 74,84,400
18500 CE - 70,59,500
18500 PE - 65,61,750
18400 PE - 63,03,100
18600 CE - 49,89,950

Track the changes in OI for 18500 Call and put options on Monday as well. This may indicate the short term direction..

Note

Index opened in the Sell zone, but quickly moved to the Buy Zone.

SL - 18484/18512 as per convenience

Watch where the index closes by 11:15 and 12:15, if it's not in the buy zone, then it would be good to look at downside moves.

Note

Also, it would be prudent to look for short targets and book quick profits, until we see the index move beyond ATH.

Note

1st Target, 18556 done

Note

Heavy selling of 18500 puts in progress..

Note

2nd Target done.

Both 2Hr and 3 Hr candles closed in the buy zone.

Move up SL to 18530-18555 zone as per your convenience.

Note

18582-18586 resistance zone - it just took one attempt to break.

2nd 2Hr candle closed above previous ATH.

Now that the index demonstrated it's strength, and we all anticipate further up move,

2 possibilities now

1. Nifty falls trapping buyers, to move up later on..may be a day or two
2. Nifty marches ahead

So better move up SL to 18580-18586 levels. Long above it. Short below it.

Note

3rd Target done. Gut feel - it's time to go short. Either now or below 18580 zone. Targets 18550-18556, 18520-18534, 18500, 18484. Keep a SL.

Note

Two/One short targets done, depending on how you want to see it.

Again a gut feeling - 18614.25 may be the ATH for next few days. Index movements may be sideways/down - This view can go wrong tomorrow only.

Avoid overnight positions if you can.

Note

Nifty may test 18580--18586 support zone
SL 18662

Note

Stop loss not hit..

slow day so far...

Note

stop hit..but feel high isnt far..so

nifty_futures_options

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