My view has been "Buy on Dips" and it would continue to be the same.
The Put-Call Ratio has started improving. We can see that the Puts are getting
written at all lower levels and call writings are getting covered at higher level,
which signifies that the buying has been happening at lower levels.
Market might be volatile but the direction is clearly on the positive side.
8500-8530 has been a critical area which has support from multiple calculations.
Since volatility cannot be ignored, we might see sharp corrections which are
not to be confused for selling. They are opportunities for buying.
For this series, as per the current data, 8500 looks like the floor and 9000
as a roof. As the data changes, i will keep you posted.
For Intraday, supports will come @ 8590-8600
and Resistance @ 8650, 8680
Momentum will pickup only when Nifty starts trading above 8650
and after it crosses 8720 decisively, momentum will increase.
The Put-Call Ratio has started improving. We can see that the Puts are getting
written at all lower levels and call writings are getting covered at higher level,
which signifies that the buying has been happening at lower levels.
Market might be volatile but the direction is clearly on the positive side.
8500-8530 has been a critical area which has support from multiple calculations.
Since volatility cannot be ignored, we might see sharp corrections which are
not to be confused for selling. They are opportunities for buying.
For this series, as per the current data, 8500 looks like the floor and 9000
as a roof. As the data changes, i will keep you posted.
For Intraday, supports will come @ 8590-8600
and Resistance @ 8650, 8680
Momentum will pickup only when Nifty starts trading above 8650
and after it crosses 8720 decisively, momentum will increase.
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