Today's market momentum seems to be very weak, but it dosen't may not mean traders should look at shorting the index.
The index has strong support at the 7,900 level, which is evident from the huge concentration of Put OI, which stands at 28.31 lakh contracts. The Nifty50 came under selling pressure at higher levels, which pushed the index below its very crucial psychological support level of 7,950 towards the end of yesterday's closing session.
Moreover, the trend seems to suggest sideways movement. Traders should look at shorting the index only if it convincingly slips below the 7,900 level in today's trade. If the index starts trading below the 7,900 mark, traders can look to cut long bets, say experts. A sustained move below hit price 7,900 will take the index towards 7,850-7,800 levels, they told.
The index has strong support at the 7,900 level, which is evident from the huge concentration of Put OI, which stands at 28.31 lakh contracts. The Nifty50 came under selling pressure at higher levels, which pushed the index below its very crucial psychological support level of 7,950 towards the end of yesterday's closing session.
Moreover, the trend seems to suggest sideways movement. Traders should look at shorting the index only if it convincingly slips below the 7,900 level in today's trade. If the index starts trading below the 7,900 mark, traders can look to cut long bets, say experts. A sustained move below hit price 7,900 will take the index towards 7,850-7,800 levels, they told.
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• DHAMPUR SUGAR Q2:
ReplyDeleteo Revenue up 15 percent at Rs 802 crore
o Net profit up 62 percent at Rs 60 crore
o EBITDA up 14 percent at Rs 121 crore
o Margin at 15.1 percent versus 15.2 percent
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