More Pain For Traders If Nifty Fails To Move Above 9,830 Levels This Coming Week

Equity tips
The Nifty witnessed the sharpest fall of the last 9-month rally. Within 4 sessions, it fell by 400 points. Once it closed below 10,000 Put strike, the major cascading effect of the closure of Put writer's position started.

The index even closed below the second highest Put base of 9800. After such a sharp fall, the Call writers are primarily placed at 9,800 and 9,900 Call strikes.

Hence, immediate important resistance would be 9,830. Above this, only we can expect short covering of 100 points towards 9,890. We are not expecting the index to recover above 9900 soon.

The next highest Put base is seen at 9,500 strikes which may be the eventual target if Nifty doesn't recover above 9,830.
On account of adverse global and domestic new flows, quite high leverage closure was seen in the stocks which led to profit booking in so far performing stocks.

This may be the trend in the coming week as well and stock-specific profit booking could be seen on intermediate pullbacks.

Due to geopolitical tension between the US and North Korea, choppiness was seen in global indices where India was no exception.

On a one MISSED CALL on @9644405056 you can have your Free Trials for two days in Nifty Future Tips so why are you waiting for, Hurry up!


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