Observations - Nifty managed to close in the green; however Index Futures OI reduced by 3.62% - if Nifty trades below 16325 then it would form lower top - lower bottom in ultra short term and could increase probability of short term down trend - however given it is weekly expiry day, an extension in morning trade towards 15340 / 15359 can not be ruled out.
Chart and data analysis suggest, it could be day of testing patience and nerves where it could boil down to last 1 hour of trade
Important levels on the upside 16320 / 16359 / 16420
Important levels on the downside 16218 / 16194/ 16140
Take care & safe trading...!!!
Let me go by Disclaimer - The view expressed here is my personal view - Past performance is not a guarantee for future predictions - Use this for educational purpose - Data is dynamic and can change in no time - Any decision you take, you need to take responsibility for the same - It's your hard earned money. Treat it wisely - Trade / Invest keeping in mind your trading style, goals and objectives, time horizon & risk tolerance - if trading in F&O, understand that F&O trading involves risk - Do take proper risk management measures - Do your own analysis and consult your financial adviser if need be
Kommentera
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As suggested Nifty has done a 16359 in 1st half of the day...
Strategy suggested
Consider selling 26 August expiry 16500 Call option currently around 70
Strategy gives protection for a rise in Nifty price up to 16570