Nifty Future today did a mild correction on expiry day closed at 10452, down by 20 points. The premiums on CEs went down heavily as the future premium also got shrunk.
Bank Nifty did a mute role and all premiums above 25500 have been grabbed.
Since the Nifty is above 10400, the next target for Nifty is 10567. My followers have been told to grab 110600/700 CEs at the bottom level yesterday when Nifty future touched 10440. All those bought CEs will hold on till we reach 10567.
Bank Nifty future has to reach first level of 25867 and a daily close above this will certainly lead to 25975. The tall number 26500 could be the target for the month if everything goes well in the market.
Buying CEs beyond 26000 for the next 2 weekly expiry looks a futile exercise. Only month end expiry could clinch the last target of 26500 and 10730 in BNF and Nifty future respectively.
One cannot predict and pinpoint the event accurately; yet going by the 6th sense and volatility, and Bank nifty having already given more than 1500 points in the last 7 trading sessions, it is too much to expect another 600 points in the next 10 days.
Bank nifty is bearish below 25200 and Nifty is bearish below 10300. Till then enjoy the sky walk.
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