Similar to Banknifty, Nifty was also trading in a range after the initial spike. It was not able to break 17980 in the up side and 17920 in the down side.
My Plan:
- Today it would interesting for option buyers, since we would see either a breakout or breakdown above 18000 or below 17900 levels.
- I would only look to trade if one of these levels are breached.
- If there is a huge gapup, then there would be volatility in the market. Lot of profit booking might take place.
- If there is a huge gap down, then we might see panic in the market causing the market to fall futher.