Market wide open interest is seen at Rs. 1,16,082. Marginal shed is seen
in Nifty futures which trade with a negative basis.
n Nifty has closed near its turnaround level of 5230. Trend remains positive
above 5175. We advise holding long positions as long as 5175 is held on
to. On the higher call writing is seen at 5350-5400 indicating possible
upsides upto the mentioned levels. Put writing is seen at 5200 levels
indicating possible buying support around the same.
n Reliance Capital is expected to test higher levels of 980 as it remains
strong above 880. Aban is expected to test 1600 on the higher side. Long
positions can be initiated in the above mentioned stocks.
n ICICI Bank is expected to test 895 levels in the near term; profit booking is
expected around the same. Real Estate majors remain under pressure as
they remain weak. Metals are expected to continue to consolidate in the
near term.
n Nifty options OI concentration is seen at 5300 call and 5200 put options.
Expect a range bound expiry with significant volatility within the range
in Nifty futures which trade with a negative basis.
n Nifty has closed near its turnaround level of 5230. Trend remains positive
above 5175. We advise holding long positions as long as 5175 is held on
to. On the higher call writing is seen at 5350-5400 indicating possible
upsides upto the mentioned levels. Put writing is seen at 5200 levels
indicating possible buying support around the same.
n Reliance Capital is expected to test higher levels of 980 as it remains
strong above 880. Aban is expected to test 1600 on the higher side. Long
positions can be initiated in the above mentioned stocks.
n ICICI Bank is expected to test 895 levels in the near term; profit booking is
expected around the same. Real Estate majors remain under pressure as
they remain weak. Metals are expected to continue to consolidate in the
near term.
n Nifty options OI concentration is seen at 5300 call and 5200 put options.
Expect a range bound expiry with significant volatility within the range
shut the market to day's lowest level 5225/17486. Today, we should be ready to see the level of 5190/5195 (17370) on
the lower side as the market closed below the short term support level 5235/17530.
The market's trend is up and positive but it's range bound (5150/5285) may be because of limited upside and that is
the cause of concern. Break out traders are not willing to anticipate the break out or break down; rather they are
using contra trading strategy near the break out or break down levels with a minimal stop losses. For positional
traders our advice is to trade long with a final stop loss at 5150/17230 on a closing basis.
Short term traders can play the contra buy strategy around 5190/5195 levels with an upside target 5260/5270 and keep
a final stop loss below 5150. In case, markets open high then the strategy should be to trade short around 5270/75 in
the early hours of trading with a final stop loss above 5295 (spot levels).
