Nifty future was seen trading near 5200 level, on charts this level is very strong support, also bank nifty future was trading at is very strong support of 10000 level. Both of these major indices are suggesting that market will be shooting higher in next few trading session. On weekly charts markets are already in uptrend and fall from 5600 to 5200 is just a correction in bull market now this fall will be used as a buying opportunity and hence we are buying nifty 5300 call options around 97 level for positional targets as 160 and then 194. Placing stop loss orders at 65 level. Also traders can buy nifty future at 5220 level for positional targets of 5335 and then 5399 level, while stop loss at 5160. For bank nifty trade traders may buy bank nifty future around 10050 for 5 days target of 10500 and then 10750 level, placing stop loss at 9900 level. Looking on the charts Banknifty spot has support at 38.2% Fibonacci level i.e. at 9900 level. Previously this level has proved to be strongest resistance but now as bank nifty is trading above it, so this level will serve as strong support and buying will be in large. Again focusing on nifty 5300 call option, open interest data is suggesting traders are unwinding their short from call options strike of 5300, 5400 and 5500 call options, where are put writing was seen in 5200 and 5300 strikes. Today bank nifty future added about 57,000 shares in open interest or 5% jump in open interest, Nifty future also added about 4% in its open interest today. Nifty 5300 call options saw a bounce of 10% in its open interest may be due to fresh long positions were added here.
About Bhaveek PatelBhaveek Patel is one of the most successful traders, technical analyst, and investor, his areas of interest include stock market, forex, and gold trading. Apart from this, he is often seen in the golf course. He is having more than 10 years of experience in trading, had placed his first order on 19 June 2006 with IndiaInfoline.
I have nifty 5400 call option at 80 can i average it?? whats your view on jp associate in short term
Chandrama, You can average 5400 call, but we recommend you to buy 5300 call option also. Jp associate may move up very soon if your are long term investor you must buy it now.
As you say market will go up so will dlf bounce from here?? If yes tell me level to buy and sell dlf future.
Instead of focusing on DLF you must buy Nifty 5300 call options for sure shot gains.
Bhaveek bhai, what is your view on nifty future after the budget 2012. Kindly suggest the sectors that will perform well, if possible stocks that will be good for long term.
Hi Bhaveek,
can u suggest me the way to get the IEOD data of NSE scrips from 2000 to till date. I am very much eager to know your reply.
Regards,
Vasanth
Hi Vasanth, I have gone though Google search, but couldn’t find IEOD data for that period, however I have IEOD data of only those stocks that are in F&O also from January 2012.
Regards,
Bhaveek Patel
Shall I buy nifty 5300 call option for april series, what is your expectation for next week and also for F&O expiry. Any trading analysis for expiry in nifty future.