Nifty strategy for today: Telling strategy on Nifty Virendra Kumar of CNBC-Awaaz Said the first registration is at 22976-23045 while the big registration is 23133-23210/23356 (20 DEMA). The first base is on 22691-22741 while the big base is on 22566-22629.
Virendra Kumar further said that Sell on Rise again worked, a low of 22806 has been found. Fiis continues to sell heavy selling in cash. Fiis covered 39000 shorts near expiry, Net short now was 2.71 lakhs. Whereas there is a strong handover from US 2 days before expiry.
Virendra Kumar said that 23000-23100-23200 zone was seen heavy call writing while 22800 and then 22500 were captured by Put Writors. Selling under the first registration and selling in every rally. There is no confidence in the 22800 base, it has to be seen how the zone of call writers is cut. Target the first and second base in short deals under the first registration.
He further stated that light short covering above 23045 can go to 23133-23210. Somehow 20 Dema and 23356 can go up when standing above 23210. (Note: Currently, the Nifty looks more weak than the bank Nifty given the breakdown of IT)
Strategy on Nifty Bank
Virendra Kumar said that the first registration is on 48345-48536 while the big registration is on 48862-49050/49261. The first base is at 47666-47810 while the big base is on 47333-47471.
Virendra Kumar further said that due to the ICICI Bank and its 50 wema, the opening was made yesterday, the index got help. SBI, Federal Bank had a little short covering, but the focus was ICICI Bank. 48000 was held strong put writing, 48500 was occupied by call writers. See ICICI Bank, HDFC Bank before taking a trade on any side.
Virendra Kumar said that in view of texture, option writers placements, sell and sell at the rally. Do not focus on the first base in short deals, looking at the put placement. Long side, short coverings are possible only above 48536. Above 48536 is possible by 48862-49050.
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