Levels and Plan for 01st Aug

The expiry session closed at the lows of the day as sellers took control in the broader market

Nifty Aug F :




BankNifty Aug F :





Even as we finished an important series and the market looked to build positions ahead of RBI next week, news from Argentina has the world indices bleeding red and we should start off the new series well away from the 2 day range the market has been in.


It is difficult to have a plan for tomorrow and we will be approaching the market with an Open Mind  with OrderFlow leading us into our trades at the Open.


In the Nifty Aug F the Old balance low is at 7656 below 7720 supp and that will be reference point for our open tomorrow which could be an Open auction or an Open Rejection reverse.


In the BankNifty Aug F we pay attention at 15088 if the market gets there and take cues off it.


There will be lots of news flow tomorrow and into the evening for us with a press conference scheduled and news of a JPM Morgan bailout doing the rounds.


At the current time most of the gold market and FX was not affected and our Vix was also below 14 at the close.


More likely it will be a one off event and pass away just like the Dubai default a few years back.


We’ll see. Till then let’s trade prices on our screens.