NIFTY mostly looks to be in a consolidation zone without much price action. last week we discussed how 8350 could be the resistance, One downside trade opportunity that i see will be to short below 8240 with SL above 8300 levels. Target could be 8180-8130 zones.
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Its NIFTY series expiry data tomorrow. Not a day where technicals matter much but what matters is the OI on the options. With a big move happening a day before we dont expect much and the best bet would that NIFTY fails to breach both 8100 on the downside and 8200 on the upside. resistance exists at 8240 and support zone comes in near 8120-40 levels. Stay cautious dont loose away too much and take it easy tomorrow
expiry is a different ball game all together. If you ask me to take a bet I will assume it will be anywhere within the 8150-8240 zones. probability wise it is very unlikely if it cracks 8100. because havent seen that often in around expiry. My take is it will tend to spend the day within the candle formed today and may not see much of an action.
If it does I'm game for it :)
WHAT WILL BE EXPIRY?