Nifty Positional Trading PlanThe market continued to consolidate while maintaining its upward momentum
for the ninth consecutive session and hit a new Nifty 50 closing high on 28th August.
The rise of 0. 14 per cent to 25,052 points formed a doji like
candlestick pattern indicating consolidation and indecision among buyers and
sellers on future market trends. US stock markets fell across the board
overnight and Asia opened today with a correction, creating instability in the domestic market. The bulls may weaken after consecutive rallies and the
market is expected to remain consolidated on the monthly F&O expiry date.
Important resistance above is at 25, 100 pips,
while short-term key support
appears at 24,950 pips, at 5-day EMA level.
Nifty Options
For call option data, the highest number of open positions is at 25,500 strike, which can act as a key
resistance level for Nifty in the short term. In put options, the highest number of open positions is at
25,000 strike, which can act as a key support level for Nifty.
August F&O expires and can be shifted to September F&O to open new positions. Longs have shown weakness and remain short for the next few
sessions, today one can focus on NIFTY SEP 24500 PE and enter new position at 135-150 with scheduled profit of 15%.
