Market has taken support and is looking quite strong now.
It has also shown early signs of reversal. Now if market holds
8000 and closes above 8200 for 2 days, then market has reversed.
Option data had highest open interest at 8000 from the beginning
of the month and it seems that Put writers have shown their
confidence and are defending the level with full force.
Now as long as this holds, market for the next 2-3 days should
test 8200 and may be sustain. Now the important levels
to be watched are 8250-8280. Hopefully we should see them by
this weekend.
Now 8000 call option is trading at Rs.90/-.You can buy with
stop loss below 65 and in the next 2-3 days, we could see levels
of Rs.150-180/-
It has also shown early signs of reversal. Now if market holds
8000 and closes above 8200 for 2 days, then market has reversed.
Option data had highest open interest at 8000 from the beginning
of the month and it seems that Put writers have shown their
confidence and are defending the level with full force.
Now as long as this holds, market for the next 2-3 days should
test 8200 and may be sustain. Now the important levels
to be watched are 8250-8280. Hopefully we should see them by
this weekend.
Now 8000 call option is trading at Rs.90/-.You can buy with
stop loss below 65 and in the next 2-3 days, we could see levels
of Rs.150-180/-
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