Nifty opened 60 points down,
and with in 15 minutes formed a low of 11679 and was trading above 11700 most
of the time. Only the last hour of trade we could see a roller coaster and
nifty broke the morning low and formed a new low of 11639 on the penultimate
day of February expiry. The close is below 11700 and the nearest CE 11700
closed at 45 when the index closed at 11778. Irrespective of gap up opening
this CE cannot move from 45 and has to shed some premium.
Strategy for tomorrow: If
nifty is not visiting 11639 during the first one hour of trade that will be the
first indication of nifty moving up. The index should not give up 11667 on
hourly basis as well as till 1 PM. Then there are brighter chances of hitting
11756 by EOD.
But as on close today, we do go with some hope
of a recovery tomorrow after having seen a fall of 440 points from 12080 to
11640.
Be mild on your bets today. Those want to pick safe trades must go for 11900 CE of next week expiry. Adopt buy on dips with strict SL.
Range for the day
Nifty 11590-863 BN 30000-30650.
Good Day!
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