Nifty Update EOD 08/10/2020

As far as I understand the structure of Nifty, which finally broke the resistance and managed to close above broken resistance. Before that, as nifty approached 11650 levels, cautiously, I closed my straight longs which I have created from 11180 levels and was hoping a possibility of minor retracement, which eventually did not happen. Today, at the opening I came out of my option neutral position which was created for 10700 to 12100. I have marked two support lines, S:2 and S:1, around 11600 and 11400. These are just lines not zones. Most probably after travelling straight up from 10800 till 11800 as on today, a 1000 point rally, I feel we are at the last part of the rally, and potential zone come around 12000 to 12250 as target zone, where one more cycle of nifty will be completed. Let's see what follow up we get in coming days....

Comment:

Nifty is finding hurdle at yesterday significant area... so longs should be created above 11890.... before that fresh longs should not be considered.... is my opinion

Comment:

One can try 11800 put ratio spread