Don't dare to short today or get butchered BN is moving higher as per rising PCR and Put writing
Nifty is looking very weak, SGX is indicating a gap up start on Monday grab this opportunity if you have not shorted Nifty earlier. As per open interest data its looking very weak. Nothing is stopping FIIs from dumping their holdings, FIIs are selling on an average 3000 crores daily except for one day in last one month.
The famous saying says " “markets can remain irrational a lot longer than you and I can remain solvent.” My open interest study shows that there is still pain left in the index and it can further nosedive to lower levels.
Coal India Ltd. (CIL) will offer its 20 discontinued underground coal mines to the private sector to reopen and bring into production on revenue sharing model. Coal is basic raw material to Power sector. More availability of Coal will lead to sales growth and consequently improve profitability of Coal India.
SAIl is being sacked due to rising Coal prices, now that Govt is ensuring adequate coal supplies through imports and indigenous sources. SAIL price can rebound higher to 95 / 100. Keep stoploss of 85
Hind Petro @ 273 has strong supports at 270 wherein it has taken multiple supports, hence a sharp bounce to 285 levels can be expected also Open interest buildups is indicating longs in the stock
HDFC bank @ 1403 is looking good for longs as Bank Nifty is holding support of 36000 and HDFC bank is its major composition. There are good longs buildup in the stock.
Coal India @ 187.50 is looking attractive for targets 195 / 200 in the shorterm. There is good long buildups since last two days in the stock hence may fire up soon.
Power Grid is firing up to make 52 week highs again which is 240 and sustaining above this level sky is the limit for the stock
Good long buildups are seen in ZEE hence targets of 265/270 can be seen shortly.
Strong Buying can emerge in Bank Nifty @ 35500 / 35500 zone as per the open interest data and PCR study. Don't hold longs below 35500 levels.
No Need to be too much bearish, Nifty may likely to take support at 16800/16900 again as the open interest data is not much bearish.
Tata power has good open interest setup for longs hence target of 270 ++ is possible shortly
HDFC Bank can push Bank Nifty further and target 1450 / 1500 levels shortly. 1300 is strong support for the stock
Open interest buildups are shouting to take longs in Bank Nifty for targets 37500 levels shortly
LTTS has given a faulty breakdown below its support zone and may rise sharply on upside to 4500 levels soon as per Open interest buildup
Biocon sustaining above 350 should target 370 levels
Apollohospital has good longs buildup and when every thing was falling it has given breakout