Nifty could not cross 11170, the day high made yesterday. Now you have to watch the levels. The low made during the month is very critical. Any close below 10866 signals further downside for the month of October and the correction may continue up to 10550/447.
Bank Nifty likely to reach 23800, previous low of 23605 on 23/3/2018 from where reversal took place.
The above levels are positional trades and not intra day. One can take the positions when nifty and bank nifty gives a relief rally.
Next 3 days likely to be very crucial and the increased Volatility index indicates high premium on both CE and PE. Any sudden drop in VIX will lead to complete erosion of premiums. Avoid trading as these moves are meant for market makers who play with huge money.
Avoid buying PE as the market is already showing oversold situation. If there is a relief rally buy PE of October and wait for profits. Do not buy CEs till such time the trend reverses.
HAPPY TRADING!
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