Short Market Report 02.02.22
Short Market Report
Both indices posted serious bullish candles with huge gap up opening and there was no intention to cover the gap. Also, there was no intraday dip given FIIs are not in selling mood. Option and future data suggests long build up. Given all these, we can expect another gap up tomorrow. Question is whether it will sustain or not.
Two scenarios can happen.
1. Nifty opens above 17800 and Bank Nifty opens above 39500.
This will lead to a huge short covering leading Nifty beyond 18000 and Bank Nifty to 40000.
2. A minimal gap up or a gap down opening would lead to an up move hitting resistance at 18000 and 39000.
Trading Ideas: In first case we go full blown long and buy 17800 CE and 39500 CE. In case of second scenario, we need to do adjustment trades.
Nifty & Bank Nifty
Conviction Bullish.
Bias Neutral
Both indices posted serious bullish candles with huge gap up opening and there was no intention to cover the gap. Also, there was no intraday dip given FIIs are not in selling mood. Option and future data suggests long build up. Given all these, we can expect another gap up tomorrow. Question is whether it will sustain or not.
Two scenarios can happen.
1. Nifty opens above 17800 and Bank Nifty opens above 39500.
This will lead to a huge short covering leading Nifty beyond 18000 and Bank Nifty to 40000.
2. A minimal gap up or a gap down opening would lead to an up move hitting resistance at 18000 and 39000.
Trading Ideas: In first case we go full blown long and buy 17800 CE and 39500 CE. In case of second scenario, we need to do adjustment trades.
Nifty & Bank Nifty
Conviction Bullish.
Bias Neutral
บันทึก
Market went other way and closed in red. Second scenario was mostly in play
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