July 9/25
Global Dow closed -400 points (-1.5%) yesterday. Asian markets are flat. Dow Futures are flat to positive. DAX, FTSE also similar. SGX is in green with 40 odd points. Option chain There was short-covering on 10800 CE and pretty much all strikes below. There was writing on 10800 PE, strikes below and even on 10900 PE (but only small quantity) Max pain at 10700. Strike premium is 173. So the range is 10527 to 10873. Similar to this was Nifty Bank. Short-covering in CE strikes and writing in PE. Max pain at 22300. 669 premium. The range is 21631 to 22969. FnO Data Flat to negative opening. But overall bullish bias. Charts & technicals On the daily timeframe, Nifty seems to have broken out of the rising wedge and is closing above it. Nifty 200 DMA at 10886. Plan for today With tomorrow's expiry premiums are too high. We may be in for a flat day for the decay. FIIs have been bullish but have covered significant Index longs. Need to be careful in longs. Going long at these levels tak...