Previous day trading shows that markets are facing strong resistance at nifty 3720 level. Two times markets took correction about 100 points at this level. FII data, F & O writings shows that steam at this level is over. As we are nearing the election D day, may be operators are ready to en cash profits. Global cues are positive now. But Indian cues may not be that much stronger for the next week.
But tomorrow we may see positive opening and a good chance for buying puts at lower rates. If Monday is positive Tuesday may not be. Even if markets crosses 3720 the range may be another 5% from there. So anticipate fall either from 3720 or 3880 levels.
Target trade: Buy puts 3400, 3500 on Monday evening or Tuesday morning for handsome gains to the end of the week.
No comments:
Post a Comment