Nifty future today made a high of 10389. After trading at higher level till 2 Pm drifted down to 10337 and finally closed at 10352. It could not sustain and close above 10373. A daily close above 10373 will lead nifty future to 10440/560.
Bank Nifty punched a high of 26200 and closed 400 points than today's high. BNF must sustain and trade above 25715, to clinch 26200/500 by November end.
As of now both the indexes look exhausted on 4 hour candle and it may consolidate around 10340-400 level for a day or two before making a further upward move.
Any further down below 10300 till this expiry is unlikely as the OI as on date in 10300 PE stands at 5.4 Million. Now 10300 looks like a strong support for Nifty. 10500 CE OI stands at 6.1 Million. This could be a tough resistance as nifty can manage up to 10450 levels. It is interesting to observe unwinding of CE at all strike prices as Call Writers are closing their position in view of change in trend in Nifty.
Be long in this market if nifty manages to close above 10380 for target 10490. On bank nifty major moves are expected if it we close above 25867.
Happy Trading!
No comments:
Post a Comment
Note: only a member of this blog may post a comment.