The same story continues for the 5th day. Nifty is unable to sustain highs and slipping down to 9920 and closed at 9945. This week we see nifty future closing in a narrow range between 9975 to 9935. The weekly close is negative. This means unless Nifty future crosses 10007, one cannot go long in nifty future and take call options.
Similarly Bank Nifty made no attempt to break the last week high of 24528. Nor it has breached the previous week low of 24083. The trading range for the week was 24200-500. Unless BNF closes above 24528 on a daily basis one cannot go long. Close below 24200 invites shorting for an immediate target of 24083. If that is also broken one can expect a low up to 23900.
Please remember the above levels to take up trade in futures or options.
Whether Kim factor is going to affect our market or not on Monday? The closing figures did not give any straight answer to the question. If you see Nifty future it has closed at 9946, exactly mid point of this week high and low ( 10009/9887).
Bank Nifty also closed at 24370 ( 24473/24197) roughly at mid point.
The market direction is not indicated. The fear factor is more or less brushed aside or ignored.
One must wait for clear direction and cannot grasp in the dark.
Happy Trading!!
Today 23500 PE was a good trade which gave 25% returns. DO NOT COMPEL YOURSELF TO TRADE. TAKE TRADE WHEN IT APPEARS LIKE TODAY.
For Monday, we must wait for opening and clear direction.
sir how to find correct put or call in nifty... i mean lot of call and put in nifty......in this how to select ?.. yesterday you said correct bank nifty 23500 put.. like that how to choose that in nifty ?
ReplyDeleteYou have to note down previous week high low and close of any strike price. If the price goes and stays above prev week high then it is breakout and you can buy for 20-25% gain. Similarly if any option after breaching previous week low and again trade above low chances of going up is possible.
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