Business News Desk-Virendra Kumar of CNBC-Awaaz stated the strategy on Nifty said that the first resistance is at 23181-23224 while the major resistance is at 23283-23314/23359. The first base is on 23067-23106 while the big base is on 22923/22976-23008. Virendra Kumar said that yesterday it managed to shut down on 10 Dema but the zone of the 23200 call writer is difficult. Cash selling was reduced by FII, shocking 12000 contract index and covered.
The confidence of the Put Writer of 23000-23100 has increased in two sessions. Call writers’ positions have decreased against the put writer on 23000-23100. Virendra Kumar further said that take a long deal above or around the base first, the risk-relief is good. 23181-23224 is a small technical and option barrier, the second idea is to buy above it. If 23224 crosses 23283-23314 (20 DEMA) and up to 23359 is possible. Warning – If it slips below the first base, it can slip up to 22976/23008.
Strategy on Nifty Bank
Virendra Kumar said that the first resistance is at 49289-49513 while the big resistance is at 49677-49745/49874. The first base is at 48790-48910 while the big base is at 48447-48610. Virendra Kumar further said that yesterday’s decline gave good reward but still could not cross 20 Dema. Heavy call put writing on 49000 was seen, some call writers were seen on 49500 zones.
A lot of HDFC will depend on the bank, the stock is close to 20 DEMA and the call is in the writers zone. Kotak is also ready for a big rally, wait for a cleanup/breakout. Virendra further said that buy any decline till the first base, risk-inam is good, especially below 20 DEMA. Keep an eye on 49289, if it crosses it can go to 49513. Above 49513, 49677-49745-49874 is highly probable. Warning – If it slips below the base first, it can slip by 48447, the speed will fail.
