Morning !
The psychological level of 8630-8650 was almost achieved yesterday's by making high of 8641.15 and today 8643 as i am writing this post.
As mentioned earlier, though a lot of indicators are signalling overbought zones with high RSI for both NIFTY and BANKNIFTY and the world events like BREXIT, the upside levels are still intact as per the price action demonstrated by NIFTY.
Referring to my previous posts, the caliber for this impulsive wave is to cross 8650 and 8950. The former target is done, the latter is due, i somehow personally again feel that there is a correction pending from 8650 zone, one can short here with a mini SL but a STRICT SL of NIFTY closing above 8650. for an immediate target of 100-200 points on downside. Post that the next target of 8950 should also be achieved in the coming month or two.
There is a case of 9119 being broken on upside in this impulsive wave, but for that we have to wait for the price action to signal more clearly for this to be achieved.
I am personally again stock/sector specific as of now, specially on PHARMA and IT sector. I have SELL view on big boys like INFY, DRREDDY to name a few.
Happy Trading !
The psychological level of 8630-8650 was almost achieved yesterday's by making high of 8641.15 and today 8643 as i am writing this post.
As mentioned earlier, though a lot of indicators are signalling overbought zones with high RSI for both NIFTY and BANKNIFTY and the world events like BREXIT, the upside levels are still intact as per the price action demonstrated by NIFTY.
Referring to my previous posts, the caliber for this impulsive wave is to cross 8650 and 8950. The former target is done, the latter is due, i somehow personally again feel that there is a correction pending from 8650 zone, one can short here with a mini SL but a STRICT SL of NIFTY closing above 8650. for an immediate target of 100-200 points on downside. Post that the next target of 8950 should also be achieved in the coming month or two.
There is a case of 9119 being broken on upside in this impulsive wave, but for that we have to wait for the price action to signal more clearly for this to be achieved.
I am personally again stock/sector specific as of now, specially on PHARMA and IT sector. I have SELL view on big boys like INFY, DRREDDY to name a few.
Happy Trading !
Sir greetings of the day. 8650 has been surpassed with a burst. But I see that on expiry day it has not crossed previous day high from where it cracked that day. Can we short here.
ReplyDeleteNeeraj: Yes i had maintained a strict mini SL of 8650 on closing basis that was taken out yesterday for the shorts given in the zone of 8630-8640 on 26th July. This upside has the ability to go till 8783.It can reverse from anywhere before that. That i am sure the fall is inevitable,but exact number even i cannot predict,target for downside remains 8400-8350 zone.
DeleteIn August itself? Is it advisable to average put options if comes down from purchase price. I am in temptation of doing the same. Please advise sir!!!
DeleteNeeraj: Yes, this month has only has one OFF on 15th and the chances of a correction are definitely there, the only risk factor is if the correction is sideways,then it might kill premium much faster as compared to a sharp fall.
DeleteSir ji.. GST passed!!! Now what next... 9000? In this series?
ReplyDeleteSir ji.. GST passed!!! Now what next... 9000? In this series?
ReplyDeleteNeeraj: Hey, was out of town for a while,hence was unable to update on time on wednesday 3rd to cover up the shorts and sit on long side for 8711 plus levels and post that most probably 9119 plus in the coming 1 or 2 month,though was able to inform couple of people on whatsapp/email.
DeleteThanks for concern sir
ReplyDeleteThanks for concern sir
ReplyDelete