July 21/25
Global Dow closed red -353 points Markets world over are flattish. SGX is in red with -65 points. Option chain Max pain at 11000. Total premium 311. So, the range becomes 10689 to 11311. But Nifty closed at 11200. With total premium of 244. So, range is 10956 + 11444. Max pain for Nifty Bank near 23000. Total premium 872. So the range is 22128 to 23872. Interestingly, 22500 strikes also have similar OI as of 23000. FnO Data FIIs added both longs and shorts in index futures. But their net index position is significantly long. Charts & technicals On the daily timeframe, trendline from the highs of Nifty brings a resistance at 11300 level. Nifty Bank had broken a rising wedge on the downside but has seen a reversal. Is now near the lower trendline of the rising wedge. Level at 23300 Plan for today I seriously don't have one. Bias is positive. Expecting dips to get bought. Will see in live market.