The darling didn't even touch 8315 levels discussed in previous post and took a sharp U-Turn and kissed 8600 mark. It has been trading above its short term moving averages as well as 200 DMA. Besides there is a cross over of 20 & 50 DMA which is quite a bullish signal. On a weekly chart too the momentum has started shifting and the darling is showing signs of steady recovery. The only weekly resistance is placed around 8660-8672 zone which once captured on closing basis we expect 8800-8850 levels quickly.
As per Options data 8500 PE is having highest OI suggesting strong base 8500 level. VIX is trading in very comfort zone around 13-15 mark. So the momentum is clearly in favor of bulls. At this point no short position is advisable.
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