Nifty Analysis
Today turned out to be a non-eventful day for me. Looking at the premiums yesterday, I came prepared to hunt for similar option prices. Unluckily the premiums did not have that wildly swings like yesterday. In the process I ended up not taking what was available 😢
We opened gap up today and then had an up move till 09.55, from there it fell 110 pts ~ 0.56% till 11.15. This fall was quite interesting as most of the candles were red indicating we could have a momentum pick-up later in the day. But by 11.55 the selling pressure was over and nifty climbed back pretty strongly.
One strong reason would be attributed to the reversal in NiftyIT index. It had that perfect V shape today and this sharp reversal helped Nifty scale back up.
Nifty already took out the ATH by 09.55 i.e 19841.65, and what happened in the last 45mts was unbelievable yet again. It formed a new ATH of 19847.15 in the closing minutes showing brute bullish strength.
Ideally Nifty50 should be scaling further heights because there are no visible resistance levels. Similarly few of the bulls could think about profit booking & it could result in a shallow retracement. Usually I prefer to wait out these periods, because as an option seller - I prefer to trade between support & resistance levels. Whereas an option buyer could design a strategy to play the break-out & break-downs.
Today turned out to be a non-eventful day for me. Looking at the premiums yesterday, I came prepared to hunt for similar option prices. Unluckily the premiums did not have that wildly swings like yesterday. In the process I ended up not taking what was available 😢
We opened gap up today and then had an up move till 09.55, from there it fell 110 pts ~ 0.56% till 11.15. This fall was quite interesting as most of the candles were red indicating we could have a momentum pick-up later in the day. But by 11.55 the selling pressure was over and nifty climbed back pretty strongly.
One strong reason would be attributed to the reversal in NiftyIT index. It had that perfect V shape today and this sharp reversal helped Nifty scale back up.
Nifty already took out the ATH by 09.55 i.e 19841.65, and what happened in the last 45mts was unbelievable yet again. It formed a new ATH of 19847.15 in the closing minutes showing brute bullish strength.
Ideally Nifty50 should be scaling further heights because there are no visible resistance levels. Similarly few of the bulls could think about profit booking & it could result in a shallow retracement. Usually I prefer to wait out these periods, because as an option seller - I prefer to trade between support & resistance levels. Whereas an option buyer could design a strategy to play the break-out & break-downs.
