Nifty strategy for today: Explaining the strategy on the Nifty, Virendra Kumar of CNBC-Awaaz said that the first registration is on 25020-25063 while the big registration is on 25136-25187/25223. The first base is at 24839-24890 while the big base is on 24766-24806.
Virendra Kumar further said that after crossing the first registration (10/20 Dema) yesterday, he ran to the second registration (24975). FIIS caches continue selling, bought index, net short is now 1.01 lakh contracts. After several days, heavy put writing was seen on 24600-24700-24800-24900. 25000 and 25200 were still occupied by call writers.
He further said that the signs from the US should be good, long and buy the decline up to the first base. Top can go up to 25020-25063, if crossed, 25187-25223 is possible. New targets will be opened in Nifty above 25223. Do not shorten until sliding under the second base. The initial range is between the first base and the first registration.
Strategy on Nifty Bank
Virendra Kumar said that the first registration is on 56020-56209 while the big registration is on 56427/56616-56767. The first base is on 55557-55741 while the big base is on 55266-55378.
Closed on the day high, private bank strengthened much. Heavy call writing on 56000 is therefore the first registration is important. Purchase the fall of 55500 and then heavy put writing at 55000, up to the first base. The first registration for the existing and new long is important, check the trade here. If the first registration crosses, the second registration can go.
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