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| P R Sundar, Aditya Trading Solutions |
Time: 8.30 am
Pre Market Report:
- US markets fell for fifth consecutive day.
- Debt ceiling talks are not progressing well.
- Every time this happens, markets fall then once the agreement reached, markets shoot up.
- We hope this time also same thing happens.
- This kind of news flow will be very good for short sellers.
- Short sellers will try to bring the markets down once again.
- But FIIs bought in cash market sold insignificant amount in F&O.
- This will be a dterent for short sellers.
- Also we do not know how much reversal trade to happen.
- (Reversal Trade: Buying in Futures and and selling in cash)
- If my calculation is right, then there is not much of reversal trade.
- The more the reversal trades, more the volatilty.
- Once again the support is there at around 200 day moving average and resistance at 5950.
- Markets movement in the last half an hour also depends upon how much shorts are there in Bank Nifty
- Sell Nifty 5950 call at the opening and close the position before 2.30 pm.
- If there is any short covering rally in Bank Nifty towards the end of the day, if Bank Nifty crosses 10250, then sell October Bank Nifty 12000 Call option which should be trading around Rs 50.
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