Nifty opened gap up but it broke the important level 12152 after 2 hours of trade and closed near 12100. The weakness in nifty was already known and the up move was just a distraction for the retail investors who had to unwind the PE options in the first hour.
Going by the nifty set up on Wednesday, there are chances that Nifty may slip further down. Support is visible at 12019 where by the gap created on 9th January gets filled. This is the level where all shorts have been butchered on that day with a gap up of 125 points.
Range for the day 12000-12200. BN 30400-31300.
Strategy : Buy next week CE when nifty reaches 12000-20. SL 11965. BN options - Buy next week CEs above 300 points from Wednesday's close when BN reaches 30400-450 level SL 30300.
Good Day!
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