Business News Desk – Giving strategy on Nifty, CNBC-Awaaz’s Virendra Kumar said that the first resistance for Nifty is at 24000-24064/24131 while the major resistance is at 24209-24266/24311 (100DEMA). The first base is at 23761-23810 while the bigger base is at 23569 (200DEMA)/23682-23727. Virendra said that after testing 24355 zone yesterday it was broken, 10/20 DEMA is also broken. Put writers zone of 24000 was broken, heavy selling was seen from FII side. The series is starting with a short deal of Rs 1.18 lakh from FII. Nifty has 79% rollover (last month 73%), three month average is 76%.
Today heavy call and put writing can be seen at 24000/24200. Do not make any trades for the first hour and till 12 noon, just keep an eye on the screen. If the first resistance 24000/20 DEMA is not crossed then weakness will increase. Target first and second base in short deals, it seems to be coming at 200 DEMA. If it crosses 24000-24064 then 24266/24311 (100 DEMA) zone can be achieved.
strategy on nifty bank
Giving today’s strategy on Bank Nifty, Virendra Kumar said that the first resistance for Bank Nifty is at 52200-52381/52549 while the major resistance is at 52766-52913/53080. The first base is at 51480 (20DEMA)/ 51510-51688 levels while the larger base is at 51210 (100 DEMA)-51325.
After crossing 52577 early yesterday, we got a good trade till 52750. There was 77% rollover versus 69% with cost positive. Later it declined and the level of 52000/52200 was also broken. Still above all moving averages, wait for some clarification. Virendra said strength is visible above 52000-52200 and first base only. If 52000-52200 fails, you can short. 51480-51510 is a strong zone for pullback. If 51510 fails, 51210 is possible (100 DEMA).
