Nifty Daily View
On Monday, we advised caution below the level of 9040 that has helped traders heavily. As markets are opening higher, our advice is to avoid fresh buying at the opening. Based on price pattern, Nifty has formed bearish head and shoulders pattern and today's higher opening may retest the resistance of neckline which is at 9050, below which Nifty fell sharply on Monday.
The strategy should be to buy put options (strike 8900 weekly) if markets are opening between the levels of 8950-9000. Supports exists at 8850 and at 8780.