Nifty strategy for today: Explaining the strategy on the Nifty, Virendra Kumar of CNBC-Awaaz said that the first registration is on 24872-24923 while the big registration is on 24973-25020/25073. The first base is on 24688-24743 while the big base is on 24531/24577-24630.
Virendra Kumar said that there was a trading within the scope yesterday but there was pressure among the stock futures. Shopping continues in FIIS cash, bought index, net shorts came down to 96000. Selling at upper levels, light purchases at 24750, but far from the last low levels.
He said that the Nifty has been slipping from above but not broken. 24800-25000 saw heavy call writing. 24500-24700-24800 is occupied by put writers. First trades between the base and registration, there is nothing more than this. The route of 24973-25020-25073 zone will open only above 24872-24923. If the road to the second base slipped below 24688-24743.
Strategy on Nifty Bank
Virendra Kumar said that the first registration is on 55829-56068 while the big registration is on 56325/56403-56534. The first base is on 55389-55533 while the big base is on 54890-55140.
He said that slipped till the base yesterday, was under pressure throughout the day. Call writers were captured on 56000, heavy put writing on 55000-55500. Given the selling pressure, there is a possibility of slipping to another base. Be cautious, keep an eye on put writers, wait for the first base to break. The first base can go up to 55829-56068 zones. There will be big short covering only when 56068 crosses 56068
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