-the blue channel is a replica of red downward channel
Today looks like another gap down today
- Nifty could open closer to the yellow zone. Would it take support???
- yesterday it did not take any kind of support at the green zone....
The selling was relentless and the data reveals that FIIs who were wrongfooted the day before (when they had been Index Futures buyers) went aggressive on the Short side this time to make amends
They are sitting in profit and with a gap down that is likely to be the case.
On the other hand Retail traders have been aggressive Call buyers...
PCR is at 0.75. So market is oversold, but then markets have been overbought for quite long as well. Today is also monthly expiry day. So just be careful.
Any trade you initiate keep strict stop loss. This is a time to focus more on risk management...
When in doubt... stay out...
Important level on the upside : 14030 / 14072 / 14105 / 14145
Important levels on the downside: 13918 / 13880 / 13858 / 13820
Take care and safe trading...!!!
Comment
⋅
Nifty CMP 13815
One may consider to Sell Nifty 25 Feb 2021 expiry 13000 Put option cmp around 91
Max profit potential Rs 6825/- per lot
In built loss protection for a fall in Nifty price up to 12909