The situation has not changed since my last post here. Nifty is struggling to cross 10600 and hovering in a broad range between 10440-10650. Only a decisive close above 10627( low made on 17/10) will take the market up.
Why 17/10 ?
That was the day BN made high during October month. So that number is critical. BN has closed above 25915 today but nifty has not closed above 10627 which was the low made on 17/10.
Unless both the index meet the technical requirements, you cannot expect BN to move up.
Calls above 26000 likely to go worthless while Puts below 25800 equally be worthless. A cautious approach is needed in Bank Nifty trade today. BN has taken support 25800 twice yesterday. It may not breach this number today.
Since you have another half month and the BN target is 26800, you cannot expect any big move.
Those who trade in index future can go long on any dip. Those in Option trade must wait till mid of next week and accumulate month end CEs above 26200 to 26500 and hold till expiry for big gains which should go more than double.
On any day Nifty close above 10627, go long in CE 300 points above 10600. You are destined to double your investment for sure.
Take CEs above 26000 for next week if you want to be a winner. Don't be on the Put side.
Happy Trading!
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