Nifty Strategy for Today: Explaining the strategy on Nifty Virendra Kumar of CNBC-Awaaz Said the first registration is at 23783-23831 while the bigger registration is at 23887-23922/23966. The first base is at 23536-23595 while the bigger base is at 23444 (50 WEMA)-23477.
Virendra Kumar said that yesterday it was clearly said to sell below 23790, second base test was done but closed at 200 DEMA. No relief from banks, last hour recovery of Nifty IT achieved 200 DEMA. 23700-23800-23900 zone of call writers, heavy put writing was seen at 23500. The most important moving average left on the weekly chart is 23444 (50 WEMA).
Virendra Kumar further said that today weekly expiry, trading range of 23783/23831 to 23595/23536 is seen. Trade this range, try to move up from the bottom. Below 23831 or above 23444 things will change rapidly. Whichever way it turns out, you will get 200 points in Nifty.
Opinion on Bank Nifty
Virendra Kumar said that the first registration is on 50087-50208 while the bigger registration is on 50344-50541/50734. The first base is at 49440-49621 while the bigger base is at 49110-49267.
Got a good sell trade yesterday, second zone was also tested. Both government and private banks are in a weak position and shorts are continuing. HDFC Bank now at 200 DEMA, SBI already below 200 DEMA. Put writers occupied 51000, heavy call writing was seen even till 50500.
He further said that adding OI to the In the money put of Rs 50000 was quite interesting. If it goes above 50208, there can be a resistance test of 50344 to 50541. The biggest test will be of 200 DEMA zone of 50540. If it crosses 50541, an attempt will be made to go to 10 DEMA 50734. If first registration and 50541 fails then short target of 49621-49440 will be achieved.
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