Nifty futures is trading negative today but, as we have said we see strong support near 4844 level and it was tested today so we are bullish for intraday trading view and hence we will be looking for buying opportunity in nifty futures and also in nifty 4800 call options. We recommend to trade long , buy Nifty 4800 call options near 123 for intraday target of 154 level in today’s trade. The trend for today will be bullish and markets may start recovering from lower levels also we may seem huge short covering in nifty futures and many heavy weights like Tata Motors, Reliance Capital, Infosys, ICICI bank, State Bank of India and TCS. So we will be looking for only buying opportunities as long as nifty futures is trading above the 4844 level today’s. So taking the advantage of this strong support zone we advice traders to buy nifty futures near 4845 level or high risk traders can accumulate the Nifty 4800 call options and hold it for intraday target as 154 level. traders can place their stop loss near the 100 level. We have confirmed the up move today with the help of technical indicator slow stochastic and it is our trading rule to trade in the direction of the daily trend. So this opportunity should be very beneficial for the nifty options traders, So we recommend high risk traders to buy nifty 4800 call option. In near term, we may see huge short covering coming in nifty futures above 4844 level. This position is completely based on technical analysis on nifty futures. Taking a look at open interest data we see that short positions has been shed in nifty futures and also we have seen long positions added to nifty 4800 call option and put writing was seen in nifty 5000 put options. The open interest data is also very good indicator for trading nifty futures as well as nifty options. Taking a look at the candlestick charts of nifty futures suggest us to take long positions near the 4850 levels today for targets as 5032 level. Volumes has increased significantly in last 2 trading sessions. As in our previous post we have said that selling in nifty futures may pause near 4856 level.
Free Nifty Options Recommendation:
Buy Nifty 4800 call options near 123 level for target 156 level. Place stop loss orders just below 100 level or traders may exit this call option if Nifty futures close below 4830 level.