July 23/25
Global Dow closed 114 points up yesterday. Asian markets are flat to positive. Dow Futures are flat to positive. DAX, FTSE also similar. SGX is in green with 60 odd points. Option chain ATM strike premium net is 189. So 10911 to 11289 PCR is 1.17 for this expiry which is decent. On Nifty Bank - 22000 strike net premium is 715. Thus 22715 is the upper end. 21285 on the lower side. PCR is 0.61 for this expiry. It's on the lower side, we can expect short-covering before expiry. FnO Data FIIs have unwound considerable short positions. Pros have added considerable long positions in index futures. But call shorts and put longs are massive. Charts & technicals Nifty Bank is on daily trendline support. It broke 20 DMA support of 22191 yesterday. That may act as a small resistance. Plan for today Seeing Nifty Bank PCR - from the risk-reward standpoint, it might be worth going long if yesterday's low around 21800 is held. But if SGX is true - we are looking for a decent gap-up. That ...