On previous day nifty continued the downward journey but took support at 4785 and closed at 4826-20 points.
- FII data sold in cash.
- F&O nifty future added 6 lakhs net in the down market.
- Option writings: more addition at calls 4800.
- US markets down to down (rally may be over and leading to new lows within 1/2 to one year)
- Global cues are red severe selling observed in all the markets.
- SGX nifty red.
Over all view: The downfall has to be stopped at 4780-4740-4720 or 4600 to 4580 is possible on Friday. But, then there may be some rally in the next week/next settlement. As of now nifty may settle for this settlement at 4800 (+/- 20).
As seen from the next month option build up (which is giving a clue of nifty movement for the new settlement, perfect indications as per the past 4 settlements ) nifty range for the next settlement will be 4800 to 5000 (down side failing which nifty drifts to 4600 only).
For today's trading, as of now try to buy 4900 put or 4700 call at cheaper rate for nifty convergence at 4800. But, if nifty falls on Friday then one may go for calls in the next month.
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