IN TODAY'S VOLATILE SESSIONS NIFTY AGAIN POSTED SWING LOW OF 5676 AND WITNESSED BOUNCE BACK. JUST A SESSION AGO NIFTY FORMED A DOJI AND TODAY' CANDLE INDICATES A CLEAR IN-DECISION. AS PER OPTION CHAIN 5700 PE IS HAVING OI OF 64.55 LAC WITH ADDITION OF 5 LAC IN OI. TOTAL OI AT 5800 PE AND 5800 CE IS ALMOST EQUAL. OI AT 5900 CE IS 42 LAC AND AT 6000 CE IS 63 LAC. VIX ROSE BY MORE THAN 5% AND JUST CLOSED BELOW 20 MARK. SO BEARS ARE TRYING VERY HARD TO HOLD 5700 LEVEL AND A TOUGH FIGHT FOR 5800 WILL CONTINUE. LOOKING AT THE DATA WE ARE SLIGHTLY BULLISH ON THE MARKET WITH SL OF 5675 AS 5900 STILL SEEMS TO BE VULNERABLE IF 5815 IS CROSSED ON CLOSING BASIS. 6000 REMAINS A STIFF RESISTANCE MARK AS OF NOW. THE ONLY FACTOR RAISING CONCERN IS THE VIX.
WE RECOMMEND TO TRY BULL SPREAD STRATEGY
BUY 5700 CE AT 151 AND SELL 5800 CE AT 94
PREMIUM PAID 57 SL 25 TGT 95-100
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