NIFTY IS CURRENTLY TRADING WITHIN THE RANGE OF 10700 TO 10780. LOOKING AT THE CHART IN SHORT TIME FRAME AND LONG TIME FRAME. THE MARKET IS LIKELY TO CONSOLIDATE AT THIS RANGE. HOWEVER NIFTY IS BEING SUPPORTED MAINLY DUE TO BANK NIFTY AND THE RELIANCE INDUSTRIES. SO INCASE ANY WEAKNESS ARISE IN BANK NIFTY, THE MARKET WILL FALL. THE KEY AREAS WILL BE 10700 AND 10850. THE RANGE OF 10700 HAS BEEN CONSTANTLY TESTED AND THE MARKET IS BOUNCING BACK. BUT IF THE MARKET CONSTANLY START TRADING IN THE LOWER END OF 10700, THE NEXT WEEK IT WILL SURELY FALL IMMEDIATELY TILL 10650 ANDIF CLOSES BELOW 10650. THE MARKET CAN RE TEST THE LEVEL OF 10400-10500.
BEING SAID THAT IF THE BANK NIFTY REGAINS STRENGTH AND NIFTY TRADES IN THE UPPER LEVEL OF 10800, DONOT EXPECT THE MARKET TO FALL. IT WILL SLOWLY AND GRADUALLY MOVE TOWARDS 11000. HOWEVER IN SUCH CASE IT WILL BE WISE TO SELL PUT OPTIONS AT STK PRICE OF 10700-10750. FOR HIGH RISKY PLAYER YOU CAN EVEN SELL 10800/10850 PUT OPTIONS.
BEING SAID THAT IF THE BANK NIFTY REGAINS STRENGTH AND NIFTY TRADES IN THE UPPER LEVEL OF 10800, DONOT EXPECT THE MARKET TO FALL. IT WILL SLOWLY AND GRADUALLY MOVE TOWARDS 11000. HOWEVER IN SUCH CASE IT WILL BE WISE TO SELL PUT OPTIONS AT STK PRICE OF 10700-10750. FOR HIGH RISKY PLAYER YOU CAN EVEN SELL 10800/10850 PUT OPTIONS.
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