It was a very rare and wonderful rally where bulls have given no chance to bears to cover the short as everyday nifty went up relentlessly. As posted earlier, 11600 has been achieved.
Friday's negative was not unexpected. And the correction could continue on Monday to keep the CE's under total mercy of last day move which is the expectation of all OTM Call holders. If 11400 becomes OTM call at the end of Monday trade, don't get surprised. After all. it is just 300 points correction from 11575 when you compare total bull run from 10600 to 11575 in 20 sessions.
Nifty can take reversal at 11331/271/230 and a good bounce back is also very much possible. Note these points and grab Ces for a fabulous returns. This expiry is going to be very interesting as bulls wont get disappointed.
Bank nifty likely to defend 29000 in this correction process.
Good Luck!
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