The same story repeated today also. Nifty futures started climbing down after reaching 10389 to touch 10308 and a good bounce back helped nifty to close at 10370, marginally above previous day close.
If NF trades above 10382 for 15 minutes and above, it will lead to big jump and close above 10400. Today's low was due to short covering as 10300 was protected and we know that 10300 is a strong support which cannot be broken.
The 4 hour candle in both the index looks good and it is all set to move towards north direction. Of course BNF looks weak and a big rally and new highs is not in the offing immediately.
Today also our followers took 10300/350 CEs at rates around 80/52 and exit with decent profit. Market rewards those who wait for their price at right time.
As of now it all looks like consolidation phase is over and index is ready for a take off. Don't miss the journey! Fasten your seat belt and be ready for an impulsive move. Destination 10550.
Happy Trading !!
I took 10350PE @61.30 & sold @46.1 being your caution was resistance @10382.
ReplyDeletePuts are rewarding for 50-70 points move due to ongoing consolidation. But at anytime index is poised for a big bounce. Better to take position when close above 10382 happens on a daily basis.
DeleteThank you Sir once again.
Delete