Friends, Vladimir Putin is playing the role of big
bear in all markets. That is the reason we are facing market volatility
nowadays. Russia becoming aggressive day by day therefore we are burning in
this fire. In this panic situation, we have to avoid a day or short term
trading and stick to positional or long term.
Below is the daily chart of Nifty 50, index is
trading near 16245 and the overall trend is down. On the 24th of February,
the index has broken important support of 16600 and closed at the day low. The
next day gap up and closed at day highs. Friday was a gap down and closed neutral
after high volatility. As on chart, the coming week's range is 16000 and 16500.
However, we have to keep eye on War News because that is impacting more right
now.
Below
are the top 15 PUT option strike prices where the highest money is invested. As
per this PE data, Nifty has good support of 16250/16150, but selling
percentages are very low. So we cannot consider these as strong supports.
The
CALL writing data is not too strong, only three strike prices are having
selling between 1-2%. As per the data resistances are 16300/16400. For this
week range is very narrow which is 16400-16100.
The
below chart shows us that the bank index has tested the crucial support of 34094
and made a high around 35097. After the zic-zac session index closed near the opening
price and the match was a tie. The range for the coming week is 34000 and 35000.
As
per PUT option writers, below highlighted are support levels and the highest
invested cost is at 34000.
CALL
writers are saying every step is resistance i.e. 34500/34600 up to 35000.
Above
is all about what charts and options data are saying, but our priority should
be Vladimir Putin J.
Telegram: https://t.me/Intraday_King
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Disclaimer: The contents produced here are purely for educational purposes. They should not be construed as buy/sell recommendations. I am not a SEBI registered Analyst or Investment Advisor. Readers are advised to consult their Investment advisor before taking any decisions based on the above write-up.
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