Trading ideas based on technicals

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Pee Vee
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Trading ideas based on technicals

Post by Pee Vee »

Technical view: Nifty finds strong support around 8770 which was an earlier resistance while 8900 acts as strong resistance. Bank Nifty now finds support around 20500 while 20900 will act as resistance.

Trading ideas (Time period: 1-3 days)


PETRONET (Buy above Rs 401, for target of Rs 418, SL at Rs 390): Stock has broken out from a short term consolidation pattern which took 12 weeks to complete. The immediate resistance of Rs 396.5 was breached convincingly accompanied with impressive volumes. Momentum oscillators have also witnessed positive crossover which further adds confirmation to our positive stance.

Derivative strategies (Time period: Till expiry)

Buy Hindunilever future @ 850-860, Stop loss 828 & Target 872-875.

Derivative Snippets

Markets surge higher as the index call option writers run for a cover, massive short covering was witnessed in Nifty 8800 to 9000 call options and Banknifty 20200 to 20700 call options.

FIIs were net buyers in cash market segment to the tune of Rs. 8043 crores.

FII’s index future long/short ratio at 2.9x vs 3.1x. Heavy call option buying (short covering) to the tune of 15k contracts was observed.
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