July 17/25
Global Dow closed red -60 points China markets are positive. Rest all are flat to negative. DOW futures is in red with -100 points. SGX is in red with -21 odd points. Option chain Max put writing levels that will work as a support are 10700, 10800. There was writing on 10900 CE and above strikes. PCR at 1.5 Max pain at 10800. Total premium 252. Range 10548 to 11052. Closest strike for Nifty Bank is 22000. Total premium 761. So the range is 21239 to 22761, calculated based on the strike7. FnO Data FIIs have created fresh long positions. They have support from the Pros who have call longs and put shorts. Charts & technicals On the weekly timeframe, we had a hammer candle formation. i.e. we opened higher, slipped down but recovered significantly. Shows bullishness. Nifty 200 DMA at 10869. Nifty closed above it. Nifty Bank 20 DMA at 21905. Closed above it. 50 DMA at 20488. Plan for today There was short-covering in the last hour or so on Friday. Today, we have to watch out for that con...