The Nifty began quietly this morning below value and below range.
An effort to move up above yesterday’s lows was met with adamant sellers and no buying support which meant a move to the lower part of the trading range later in the day.
We are still playing this as a trading range and are expecting a move up in the later part of the session tomorrow.Meantime our our delta neutral 6100 strategy has notched up around 60 points per lot as of today’s close.
Statistically speaking the closing range given yesterday of 6120-6140 for this expiry may not be possible in tomorrow’s trade.today’s big slide has changed that equation.Any upmove in the Nifty future will meet stiff resistance at 6075 tomorrow.Similar level will be 6100 in Nov fut.
I’m posting charts of the November future.
Bank Nifty did well to close above 12220. This level can be a good buy level tomorrow in Nov fut.
The expiry strategy should be to buy the 6000 call somewhere in the first hour.