Nifty (5751) is able to give close above crucial level of 5750. The short term trend is negative, the index is still trading below 21/50/100 (5977/5995/5947) days moving average. Nifty is expected to touch 200 sma i.e 5604.
Option data clearly indidates a range of 5600-6000 till expiry, call writing is being seen everywhere, even 5600 calls are getting writen off. 5600 Put accumulation is being seen, which makes a downside target of 5600.
On 12 Jan Nifty high 5874 was unable to cross 5882 i.e 38.2 % retracement of the current fall, this clearly indicates market is week.
Trading Stratergy
Sell on every rise till 5882 is crossed decisively.
I have got three trading stratergy based on your aptitude.
1. Buy 5800 put around 65-75, for a target of 105-110 or higher.
2. Sell 5800 call around 80-90, for a target of 50-60, SL 5882 nifty spot.
3. Sell 5700 call and put for 133 & 76, total preminum 209, total preminum earn 10,450 Rs. LBP 5491, UBP 5909, SL 5600 on lower side and 5882 on higher side, the VIX is at 23.15 %, which is going to cool down in coming days, target for 1 week 120.
Thanks and Regards
Subhag Ghosh
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