iCharts Discussions

[mikky]

[mikky]

[mikky]

[mikky]

[mikky]

[mikky]

[mikky]

NIFTY touched 7500 and closed above it. These days market is choppy and range bound. Choppy market is always difficult to trade as it hits both side target. NIFTY still holding crucial support level of 7480. Until market is holding 7480-7432, it can bounce back.

BANK NIFTY closed above 15000, until BN holding 15000-14750, we can see major bounce.

FII Activity:
Cash Segment:
FII: - 220 Crores
DII: + 73 Crores
Derivative Segment:
IDEX FUTURES: + 41 Crores
INDEX OPTIONS: + 298 Crores
STOCK FUTURES: + 68 Crores
STOCK OPTIONS: - 200 Crores

Option Front:
We are entering into expiry week, so all action shrinks down to 7400, 7500 and 7600 level.

Summary
On Friday, my expectation was that market may try to break 7480-7432 level and bounce back from there to close around 7500 but it did reverse. Whole trading session it traded around 7550 and in last 1 hour fall down to touch 7500.

Coming Week:
Market may bounce from here and slowly moves towards 7600 level and then accelerate to close somewhere between 7600-7700.
In next series it will break the high of 7700 and form new life time high.

Market is at crucial juncture of make or break. In case NIFTY breaks below 7432 then we can see good correction.

My take is with first option that market may go up as i don't think it will break down before budget as lot of expectations are build up to it.

Disclaimer:
This is just my thoughts looking at current data. So please do not take trade on this, as market is supreme so i can be entirely incorrect.

[mikky]

SELL DRREDDY FUT @2450 TGT 2435-2428-2421 SL 2465

[mikky]

BUY NIFTY 7500 CE @52 SL 30 TGT HOLD IT TILL EXPIRY

[mikky]

[manojrp]

[Ruchirgupta2000]

[mikky]

[mikky]

[venkkatshiv]