The news China is not going to devalue the currency is going to lift all sinking boats i the world.
After a big gap down and trending day, we are looking at a similar gap up. The last hour fall was due to SL trigger in BankNifty longs with put writers covering positions at a loss but call writers were not active. It suggest indecisiveness among market participants and the result should be volatility.
Nifty traded below 200MA which is a sign of weakness. Even if we open gap up the real problem is crossing 17155. This is the number where the month started. Monthly charts have turned weak and for a rebound, Nifty has to save 16600.
Nifty. Nifty was able to save 16800. For the day resistance should come in at 17155 and support at 16800.
BankNifty. From leader to trouble maker. That's the move it has shown. The first level is 38300 and then 38650 on the upside and 37200 on the downside. I would avoid this index today.
Derivative. Data is mixed with rollover numbers but still has a lot of weakness with 4.5 lac put longs. Nifty is down by 350 points and put longs have gone upto 4.5 lacs from 2.7 lacs.
Sell on rise.
Nifty traded below 200MA which is a sign of weakness. Even if we open gap up the real problem is crossing 17155. This is the number where the month started. Monthly charts have turned weak and for a rebound, Nifty has to save 16600.
Nifty. Nifty was able to save 16800. For the day resistance should come in at 17155 and support at 16800.
BankNifty. From leader to trouble maker. That's the move it has shown. The first level is 38300 and then 38650 on the upside and 37200 on the downside. I would avoid this index today.
Derivative. Data is mixed with rollover numbers but still has a lot of weakness with 4.5 lac put longs. Nifty is down by 350 points and put longs have gone upto 4.5 lacs from 2.7 lacs.
Sell on rise.
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