Trading strategy and market outlook for Thursday trade, 12th July 2018
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I still remember it was last on 13th June, when everyone was having the anxiety to know whether Nifty will get up to 10950 but disappointed and went down up to 10550 to have the current pullback with a lot of talks of high inflation, high yield and crude prize. correction more seen in midcap and smallcap where growth was high too, corrected accordingly and now the same surge is seeing in selective counter.
Most of the gain is coming as a gap up and rewarding those traders who are carrying position with them and same is expected for tomorrow market.
After a range bound trade for around two months, the strong breakout indicated that the Nifty could be heading towards its earlier all-time highs of 11,171 touched on January 29.
India Vix closed flattish at 12.39 levels. VIX has been falling down from last five trading sessions and lower volatility indicates bullish stance of market till it remains below 13.50 zones.
Maximum call open interest (OI) of 37.01 lakh contracts was seen at the 11,000 strike price. This will act as a crucial resistance level for the July series.
This was followed by the 10,800 strike price, which now holds 32.24 lakh contracts in open interest, and 10,900, which has accumulated 27.02 lakh contracts in open interest.
Call writing was seen at the strike price of 11,100, which added 2.45 lakh contracts, followed by 11,200, which added 1.26 lakh contracts.
Maximum put open interest of 52.07 lakh contracts was seen at the 10,600 strike price. This will act as a crucial support level for the July series.
This was followed by the 10,700 strike price, which now holds 46.7 lakh contracts in open interest, and the 10,800 strike price, which has now accumulated 39.91 lakh contracts in open interest.
Put Writing was seen at the strike price of 10,900, which added 14.02 lakh contracts, followed by 10,800, which added 13.18 lakh contracts and 10,700, which added 3.8 lakh contracts.
Put Unwinding was seen at 10,400, which shed over 0.77 lakh contracts, followed by 10,300, which shed 0.57 lakh contracts.
I still remember it was last on 13th June, when everyone was having the anxiety to know whether Nifty will get up to 10950 but disappointed and went down up to 10550 to have the current pullback with a lot of talks of high inflation, high yield and crude prize. correction more seen in midcap and smallcap where growth was high too, corrected accordingly and now the same surge is seeing in selective counter.
Most of the gain is coming as a gap up and rewarding those traders who are carrying position with them and same is expected for tomorrow market.
After a range bound trade for around two months, the strong breakout indicated that the Nifty could be heading towards its earlier all-time highs of 11,171 touched on January 29.
India Vix closed flattish at 12.39 levels. VIX has been falling down from last five trading sessions and lower volatility indicates bullish stance of market till it remains below 13.50 zones.
Strategy for nifty tomorrow is to buy above 10950 for 10980 and 11000 stop loss 10890 and 10850!
Banknifty again expected gap up tomorrow, will be going level above 27940 for 26970 and 27040!
Stop loss 26890!
Banknifty again expected gap up tomorrow, will be going level above 27940 for 26970 and 27040!
Stop loss 26890!
Call Option Data
Maximum call open interest (OI) of 37.01 lakh contracts was seen at the 11,000 strike price. This will act as a crucial resistance level for the July series.
This was followed by the 10,800 strike price, which now holds 32.24 lakh contracts in open interest, and 10,900, which has accumulated 27.02 lakh contracts in open interest.
Call writing was seen at the strike price of 11,100, which added 2.45 lakh contracts, followed by 11,200, which added 1.26 lakh contracts.
Put Options data
Maximum put open interest of 52.07 lakh contracts was seen at the 10,600 strike price. This will act as a crucial support level for the July series.
This was followed by the 10,700 strike price, which now holds 46.7 lakh contracts in open interest, and the 10,800 strike price, which has now accumulated 39.91 lakh contracts in open interest.
Put Writing was seen at the strike price of 10,900, which added 14.02 lakh contracts, followed by 10,800, which added 13.18 lakh contracts and 10,700, which added 3.8 lakh contracts.
Put Unwinding was seen at 10,400, which shed over 0.77 lakh contracts, followed by 10,300, which shed 0.57 lakh contracts.
