Important Levels for 29-07-2021.
Unpredictability at its very best, what we witnessed today can make things pretty interesting for tomorrow.
Any long position now looks risky, similarly with so many support zones formed today a down move will also be equally risky.
Option data for today suggests good amount of Call addition at 34500 and above levels with not that significant put addition which means it has a negative bias. The overall picture suggests a 34000-35000 expiry with max calls at 35000 and max puts at 34000.
I personally feel it is still a sell on rise market scenario.
Will look to short at 34650-34680 levels only after a negative action is seen with a SL of 34760 for targets of 34400-34430.
Will take longs only after 34760 level is crossed with volume support for targets of 34900-34920 levels. The SL can be placed at 34680.
SL has to be trailed aggressively in any trade we take.
Unpredictability at its very best, what we witnessed today can make things pretty interesting for tomorrow.
Any long position now looks risky, similarly with so many support zones formed today a down move will also be equally risky.
Option data for today suggests good amount of Call addition at 34500 and above levels with not that significant put addition which means it has a negative bias. The overall picture suggests a 34000-35000 expiry with max calls at 35000 and max puts at 34000.
I personally feel it is still a sell on rise market scenario.
Will look to short at 34650-34680 levels only after a negative action is seen with a SL of 34760 for targets of 34400-34430.
Will take longs only after 34760 level is crossed with volume support for targets of 34900-34920 levels. The SL can be placed at 34680.
SL has to be trailed aggressively in any trade we take.