Explaining the strategy on the Nifty, Virendra Kumar of CNBC-Voice said that the first resistance is at 24872-24923 while the major resistance is at 24973-25020/25073. While the first base is at 24688-24743 while the big base is on 24531/24577-24630. Virendra Kumar said that there was a business in the range yesterday but there was pressure among the stock futures. FII continued to buy cash, bought the index, Net short fell at 96000. Selling at upper levels, light purchases at 24750, but above the back low levels. He said that the Nifty is slipping from above but is not breaking. Heavy call writing was seen on 24800-25000. 24500-24700-24800 is occupied by put writers. The first business between base and resistance, nothing more than this. 24973-25020-25073 Zone will open above 24872-24923. Slipping below 24688-24743 will open the way to the second base.
Strategy on Nifty Bank
Virendra Kumar said that the first resistance is at 55829-56068 while the major resistance is on 56325/56403-56534. The first base is at 55389-55533 while the large base is at 54890-55140.
Yesterday he first slipped on the base, remained under pressure all day. 56000 was occupied by the call writer, heavy put writing was seen on 55000-55500. Given the selling pressure, there is a possibility of slipping on the second base. Be cautious, keep an eye on the put writer, wait for the base to break the first. The first base vaccine can go up to 55829-56068 zone. 56068 will only be a big short covering
