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 o...