Recommendations for Nifty 04/08/2021
1)NIFTY has given an surprisingly a very bullish move today(Tuesday) .
2)Looking at OI Data . NIFTY can spend some brief time at 16000 where it has good support(16000 PE). The PE OI Data of 15900 and 15800 is more stronger than rest .This indicates, NIFTY can show some negative trend to come down to 15900( strong resistance point).
3)According to price action also, 15900 and 15800 is technically possible as it has a GAP created. If any carry forward PE-BUY holders(of STRIKE 15900,15950,16000 above), please take some risk to hold till Thursday and exit around 15920. It can come down by this expiry. Again NIFTY wont drop below 15800 for time being. Any PE holders of strike below 15800 should exit.
4) Tomorrow nifty can open flat to slightly negative.
thanks,
Trade profits
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