Nifty future... Support at 9850 and resistance at 9920. Above 9920 will see more upside rally till 9950---9980 and then to 10050 mark else it could test it's support again.
Close below 9850 will take to 9820---9780 and then to 9700 mark
Trade with levels only
Daily Derivative Outlook 28th August
• Nifty August 2017 futures closed at 9873.25 on Thursday at a premium of 16.20 points over spot closing of 9857.05.
• Maximum call writing seen at 10000, Maximum put writing seen at 9750 and maximum option buying (unwinding by option writers) was seen at 9400 PE and 9800 CE strike.
• Maximum positions are at 10000 CE and 9600 PE.
• KAJARIACER (46%), BERGERPAINT (26%), INDIGO (13%), PIDILITIND (13%) and MANAPPURAM (9%) were the top gainers in open interest in the market.
• GODREJCP (-8%), AMARAJABAT (-7%), COLPAL (-6%), M&MFIN (-4%) and LUPIN (-4%) were the top losers in open interest in the market.
• The Nifty Put Call Ratio (PCR) finally stood at 1.04 for August month contract.
• Advance Decline ratio in F&O segment was at 1.49, Advance (130) + Decline (87) + Unchanged (2) = 219
Derivative Idea (28-08-2017)
BEL gain around 0.68% of open interest as long build up on Monday’s trade. It has also breached its immediate resistance level on the upper side with noticeable rise in volumes.
Now what to expect??
Break and sustain above 190 will take it to 205--210 and then to 220++ mark in days to come.
Support and stop loss below 177.00
Current chart pattern and derivatives data suggest that we expect further rally in coming sessions.
Trading Recommendation(28-08-17)
Buy BEL (AUG) future above 190 Stop loss 177(on closing basis) Target 205-210 and then to 220++
More will update soon!!
