My call on buying is still good. The calls came around 19.3 and then starting
moving up.
The option data shows that 8900 and 9000 calls are getting sold heavily, suggesting
that Bears are pushing prices down and not allowing it to go beyond these levels.
At the same time, Bulls are continuously writing 8800 puts which suggests that
they wont allow Nifty to go below 8800.
Now since expiry is nearby, the make or break level is 8900. If Nifty manages to
close above 8900 and sustain, then there is a heavy short covering rally. Otherwise
till expiry, we could see small correction or market may become sideways.
If you have calls, continue to hold. You can look at booking profits around 8900-8920
range. If it sustains and move above, then we can see a big movement.
Since there is too many long positions with FIIs, there may not be any sizeable correction
till expiry.
moving up.
The option data shows that 8900 and 9000 calls are getting sold heavily, suggesting
that Bears are pushing prices down and not allowing it to go beyond these levels.
At the same time, Bulls are continuously writing 8800 puts which suggests that
they wont allow Nifty to go below 8800.
Now since expiry is nearby, the make or break level is 8900. If Nifty manages to
close above 8900 and sustain, then there is a heavy short covering rally. Otherwise
till expiry, we could see small correction or market may become sideways.
If you have calls, continue to hold. You can look at booking profits around 8900-8920
range. If it sustains and move above, then we can see a big movement.
Since there is too many long positions with FIIs, there may not be any sizeable correction
till expiry.
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