Nifty formed a Bullish Candle on Weekly Timeframe and a Doji on Daily Time frame. It has still not broken out of the channel. Maintain Caution at higher resistance levels ( 14850 / 14900 / 15000 ) Hrly TF - Bullish hammers one after other, indicating bullishness in the price. Blue trendline shows short term uptrend, if broken, then price may find immediate support @ 14700 If trend is to continue, it needs to break high of inverted hammer 14863
Note : Monthly 14500 straddle still has 13.3 lakh CE Oi and 24.8 lakh PE Oi [ Straddle gains : 22% ] 3rd May : Sold PE @ 370 & CE @ 480 7th May : PE @ 150 & CE @ 510 Total Gains : 190 points
Also, a Strangle 14500 PE (28.2lakh Oi) & 15200 CE (28.9lakh Oi) seen. (Total of 47.80 Premium)