NIFTY
Nifty opened with a huge gap up which spoiled the party for bulls. People were indecisive and profit booking kicked in. Nifty was very volatile for the last two days since we are heading towards the monthly expiry.
The stand on Nifty still remains the same Buy on Dip.
15200 short straddle is build in the market that shows 15400-15000 to be the range for expiry.
and today lot of call writting can be seen at 15300 and 15400. This shows market movements on the upside is capped. For any reason, if 15300 and above is sustained that can propel the markets higher due to short covering.
Markets are likely to be volatile till monthly expiry.
Look for confluence of support inorder to enter long.
15130 and 15060 are the important levels on the downside. all levels are on a 15min closing basis
European markets opened higher and sold into; US markets were down but its going higher from imprtant supports.SGX nifty is slighlt up since US market started to move up.
OI data does not give any directional conviction. It looks like the Market might consolidate till expiry with volatility.
Technically i think market might drift towards the up trendline before another round of fresh buying.
Trade at your Risk and knowledge.This is my personal view on the market.
Comment:
15500-15000 will be the range.