Nifty Trading Zones_11750-11620_Long Near 11620_Short near 11740
Being Expiry Day for Market, not only charts but option data also matters a lot.
Option Data-
11lac additions to 11750 Call which confirms strong resistance
11.28lac put unwinding at 11700 levels, which also confirms weakness below 11700.
28lac Put open interest at 11600 give nifty support.
So as Per option chain Nifty should trade between 11600-11750.
What Charts Tells
Daily View- Negative
Overall trend- Positive
Ascending channel is giving nifty support near 11600-610 levels which will act as a very strong support for the market.
today nifty made a bearish candle which signals more weakness but due to expiry and positive global market nifty can be volatile.
Strategy to follow-
Option 1- due to Global positive market nifty again can open positive, so we can take a contrary call and short nifty near 11730-40 levels with SL above 11760 for target of 11650.
Short - 11730-40, Target 11650, SL 11760+
Option 2- as nifty is having very strong support at 11610-30 levels so we can buy near these levels with SL below 11590 with targets of 11690-700.
Buy - 11620-30, Target 11670-700, SL 11590-
Option Data-
11lac additions to 11750 Call which confirms strong resistance
11.28lac put unwinding at 11700 levels, which also confirms weakness below 11700.
28lac Put open interest at 11600 give nifty support.
So as Per option chain Nifty should trade between 11600-11750.
What Charts Tells
Daily View- Negative
Overall trend- Positive
Ascending channel is giving nifty support near 11600-610 levels which will act as a very strong support for the market.
today nifty made a bearish candle which signals more weakness but due to expiry and positive global market nifty can be volatile.
Strategy to follow-
Option 1- due to Global positive market nifty again can open positive, so we can take a contrary call and short nifty near 11730-40 levels with SL above 11760 for target of 11650.
Short - 11730-40, Target 11650, SL 11760+
Option 2- as nifty is having very strong support at 11610-30 levels so we can buy near these levels with SL below 11590 with targets of 11690-700.
Buy - 11620-30, Target 11670-700, SL 11590-