Banknifty Update
As per current Auction of Banknifty, Buyers are getting absorbed when prices are reaching near 36300 and sellers are getting absorbed when prices are reaching near day's low.
This is a classic scenario where we can wait for a clear breakout on either direction.
So, wait for banknifty to give breakout either on upside or on downside and make trading decision accordingly.
As per option chain of banknifty, there is a Sell on rise scenario.
Heavy writing (short position) is sitting in 36500CE and Long positions are less in put options, which is indicative of market to stay sideways to slight bearish atleast for today. but if breakout comes today only, then there is high probability that market should give breakout on downside
As per current Auction of Banknifty, Buyers are getting absorbed when prices are reaching near 36300 and sellers are getting absorbed when prices are reaching near day's low.
This is a classic scenario where we can wait for a clear breakout on either direction.
So, wait for banknifty to give breakout either on upside or on downside and make trading decision accordingly.
As per option chain of banknifty, there is a Sell on rise scenario.
Heavy writing (short position) is sitting in 36500CE and Long positions are less in put options, which is indicative of market to stay sideways to slight bearish atleast for today. but if breakout comes today only, then there is high probability that market should give breakout on downside
Good Morning Everyone,
Nifty looks like to be opening Flat Today. Important reference points for Nifty will be zone 1 (17189 to 17222 in spot prices) and 17097 on lower end.
If the prices are able to break prev low with volume, the we can expect Nifty to fill the remaining gap and reach down till 16900 but if prices take support from prev low or, gives breakout on upper end above Zone 1, then we can expect prices to reach back till 17300.
Overall we expect Nifty and Banknifty to go further down today
Stay Tuned and we will Keep you updated about the market
Nifty looks like to be opening Flat Today. Important reference points for Nifty will be zone 1 (17189 to 17222 in spot prices) and 17097 on lower end.
If the prices are able to break prev low with volume, the we can expect Nifty to fill the remaining gap and reach down till 16900 but if prices take support from prev low or, gives breakout on upper end above Zone 1, then we can expect prices to reach back till 17300.
Overall we expect Nifty and Banknifty to go further down today
Stay Tuned and we will Keep you updated about the market