Nifty Analysis For 02-07-2021
After making the triple top pattern in 1hr chart 2 days back nifty fall almost 250 points from the highs. As per the broader pattern nifty likely to oscillate between 15600-15900, no positional trade exists at current level. Now. the question arises how we can trade nifty at current level, answer lies in the option data. Let’s analyse the option data.
As per the option data maximum cal writer stands at 15700 and nifty sport today close below 15700, also if we look in the change in open interest data then we will found that call writer increase their bets in 15700 strike price
STRATEGY FOR TOMORROW
IF NIFTY OPENS FLAT THEN SHORT BETWEEN 15680-15700 WITH STOP LOSS OF 15700 ON CLOSING BASIS TARGET OF 15620.
ON THE DOWNSIDE BUY BETWEEN 15600-15620 WITH STOP LOSS OF 15600 ON CLOSING BASIS TARGET OF 15650-15670