After making a high around 11080 levels on Thursday, Nifty
NIFTY
witnessed heavy selling pressure and could not hold on to 11000 levels.
I can see an Evening Star like formation here with a large Bearish candle.
Sold 11100 calls in the morning as soon as it broke 11000.
There are multiple supports around 10900 and 10700 levels.
However, I think call writers are safe so long as Nifty stays below 11000 levels.
(Can think of exit if it bounces back and sustains above 11000)
Good opportunity to go short here with a small stop loss.
Disclaimer: Views expressed here are my own, and should not be interpreted as an Investment Advice. Please consult your Financial Advisor for investments.
NIFTY
witnessed heavy selling pressure and could not hold on to 11000 levels. I can see an Evening Star like formation here with a large Bearish candle.
Sold 11100 calls in the morning as soon as it broke 11000.
There are multiple supports around 10900 and 10700 levels.
However, I think call writers are safe so long as Nifty stays below 11000 levels.
(Can think of exit if it bounces back and sustains above 11000)
Good opportunity to go short here with a small stop loss.
Disclaimer: Views expressed here are my own, and should not be interpreted as an Investment Advice. Please consult your Financial Advisor for investments.