Nifty 50 IndexLong
Flag and Pole Breakout Seen- NIFTY On the Way to 17300 ?
After keeping the index near to 16900 levels for most part of the day the bearish positions built near 16900-17000 strikes seem to have given up. The index comfortably closed above the 16900 mark and is seen to be headed towards 17300 levels. The global markets also were green through out the trading session which probably added to the confidence of the bulls. Given that the US Fed is meeting today to decide about rate hike the response of global markets to the Fed decision will decide tomorrow's market move. Markets around the world seem to have factored in a 25 basis point rate hike. Since it is weekly expiry, it is important to analyze options data as well to form an opinion about tomorrow's index price movement. From the options data one can see that there is OI built up in 17100-17250, with the highest OI being added at 17250 strike which could act as the immediate resistance for the weekly expiry. On the Put front 16900 and 17000 strikes witnessed the highest OI addition suggesting that these strikes could offer support on the expiry day.
Important Levels are marked in the chart
Disclaimer:
Center for Research in Financial Markets and Economy (C- FAME) is an initiative of the School of Business & Management at Christ Academy Institute for Advanced Studies, Bengaluru. The views presented here are for educational purposes only. C- FAME or the author does not take any responsibility for the trades initiated based on the view presented here.
Important Levels are marked in the chart
Disclaimer:
Center for Research in Financial Markets and Economy (C- FAME) is an initiative of the School of Business & Management at Christ Academy Institute for Advanced Studies, Bengaluru. The views presented here are for educational purposes only. C- FAME or the author does not take any responsibility for the trades initiated based on the view presented here.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.