The moves in Nifty and Bank Nifty has clearly indicated lack of momentum in trade. The index still remains under buy mode but getting ready for a reversal at any moment.
Watch Nifty level 10606 in Spot and on a daily close below this number will lead to dip of 100-150 points.
Bank Nifty futures closed at 25625 below previous week high of 25668 there by negates any willingness to move up. To conclude it is not prudent to go for CEs beyond 25700 in this expiry. On the other hand, 25600 acts as a good support for bank nifty. This expiry is expected to close between 25650 and 25720. Not much room given for options trade.
PEs below 25600 and CE from 25700 likely to perish.
Nifty futures intra day range 10580-650
Bank Nifty futures intra day range 25565-720
Happy Trading!
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