July 8/25

Global
  • Dow closed +460 points (1.7%) yesterday. But that's after the Indian market.
  • Asian markets are flat.
  • Dow Futures are flat to negative. DAX, FTSE also similar.
  • SGX is in red with 25 odd points.
Option chain
  • 10800 CE had OI increase of 8L and suggests to be a resistance.
  • 10700 PE had OI increase of 17L and suggests to be the support.
  • Max Pain at 10700 - net premium 194. So range is 10569 to 10957. It's too big to conclude anything.
  • On Nifty Bank - there was unwinding on 22000 CE and significant writing at 22000 PE.
  • This will be interesting to watch.
FnO Data
  • Suggests a flat to negative opening with FIIs completely bullish.
  • The first gap down may get bought quickly.

Charts & technicals
  • On the daily timeframe, Nifty has 200 DMA at 10889.
  • Yesterday Nifty seemed to go out of the rising wedge pattern that it has been in. I'll be watching out that.
Plan for today
  • FIIs went heavily bullish yesterday. Will they get trapped or move the markets further up?
  • I'm thinking of going long in the opening for a scalp trade. Because of the FII data.


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July 6/25

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