Nifty Strategy for Today: Giving the strategy on Nifty, CNBC-Awaaz’s Virendra Kumar said that the first registration is at 23291-23333 while the bigger registration is at 23458-23510/23568. The first base is at 23074-23124 while the bigger base is at 22910/22968-23010.
Virendra Kumar said that there was a brake on the decline, but FIIs sold in cash and also shorted the index. Sell on rise strategy from 23271/23331 zone worked well yesterday, slipped from here several times. Net short of FIIs has now increased to 2.94 lakh contracts, call writer of 23200 has retreated.
Virendra Kumar further said that now heavy call writing was seen in 23300-23400-23500 zone while heavy put writing was seen in 23000-23100-23200 zone. Now this is a challenging zone, the trader will either sell or take a long position here. Nifty may remain in the base range of 23074-23124 before first resistance (23291/23333). Initially focus on this range, buy below and short on registration.
He further said that above 23333, the path to 23458/23510-23568 may open. If it slips below 23010/22968, routes will open at 22910 or below.
strategy on nifty bank
Virendra Kumar said that the first registration is on 48890-49110 while the bigger registration is on 49424-49578/49751. The first base is at 48312-48531 while the bigger base is at 47812-48020.
Virendra Kumar further said that yesterday it crossed the first resistance till 49040 and slipped from there. Heavy put writing at 48000/48500, call writers at 49000. Keep an eye on ICICI Bank/HDFC Bank, SBI. 49000 is the largest zone of call writers, there is also a technical interruption.
If Bank Nifty crosses 49110, it can go up to 49424/49578/49751. If not passed, may slide to first and second base. The opening range is between 48312 to 49110.
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