Money Market, Raunaq Singh

images-1-4-1-300x134Nifty index closed negative after its winning streak of last 4 trading sessions. It has negated its formation of higher highs – higher lows of last 4 sessions and formed a small Bodied indecisive candle on daily scale however weekly scale still holds its overall bullish setup

It failed to surpass 11600 zones and witnessed a profit booking decline towards 11532. Overall trend is still intact to positive to range bound as it has been trading in a rising channel with the support of rising trend line

Now it has to continue to hold above 11550 to witness an up move towards 11635 then 11666 while immediate major support is seen at 11500-11450

Max Put OI moved back to 11000 then 11500 while Max Call OI is at 11600 then 11500. Put unwinding seen at most of the immediate strike price while Call writing is seen at 11600, 11650 and 11750

India VIX fell down by 2.76% at 12.40 and overall lower volatility suggests that bulls could support the market on declines

Bank Nifty remained under pressure for 3rd consecutive trading session and has been underperforming the Nifty index. It has recently failed to surpass its multiple hurdle of 28333 zones and fell towards 27782. It formed a Dark Cloud cover on weekly and an early formation of Double top on daily scale which suggests that some more profit booking could be seen if it doesn’t surpass immediate hurdle of 28000

Now if it sustains below 28128 zones then more profit booking could be seen towards 27650 then 27440

Longs in ApolloHosp, BHEL, Kajaria Ceramics, PNB and Voltas

Shorts in Colpal, Yes Bank, Mindtree, Jet Airways and Suntv

Raunak Singh 9830774198

Raunak Singh

For advice, feel free to call me.

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