Bot the indexes are playing see saw game. Making a low of 60+ points and recovering in a short time clearly indicates range bound market.
No doubt the trend is bullish. But the move is not straight forward and zigzag towards 10,000 which the investors have been waiting for. The expectations are very high in view of results of Heavy weights HDFC Bank, Axis Bank, ICICI Bank during next week.
Irrespective of stellar performances of these banks, BNF move will be very limited in view of the RBI Policy which is on 2nd August 2017.
Upside for BNF is limited to 24450-24530. Do not expect fire works. On the lower side we have seen recovery of BNF around 24050 on Friday. If BNF breaks 24050 low, then next low will be 23927 where it should take support. If that does not happen then it may halt at 23735.
Nifty Future also should not break 9832 support level and in case of any serious fall we may see 9688.
Take positions accordingly.
Since this is monthly expiry premiums will erode fast. In an uptrend market do not try to buy put and wait for the above levels and go for call options and this will give you time to buy and exit. Put my give money but it may dupe you if index recovers fast without giving you chance to book profit.
Happy Trading!!
Good morning Sir.I do believe this is the week for day trader be happy rather than investors.
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