The low of yesterday came close to triggering the point at 24140 before pulling up higher. But that was near the open so, perhaps didn’t count. But it remains valid into today as well. Yesterday’s high also almost made it to the previous day high and those levels continue to remain valid into today as well. We should take the road that the market decides to take. But the Bank Nifty fared better, finishing strong. Now, for any kind of reversal to occur, we need both the indices to show the same signal. Right now it seems that the market is more interested to go up than down. But it is a turning time and hence one needs to be on the watch before trading.
55230 is a nearby stop for pending longs in the BNF while 56250 would need to be crossed for more gains now. In Nifty a break of 24100 will trigger declines. Immediate resistance continues at 24500 but if crossed, the target would be 24900-25000. Every possibility is open for now.
Sizable build of Puts all the way to 24000 shifts the bias to bullish for now. Near the money call shorts were shed but no concomitant shorting of higher strike is visible. Similar Put addition is seen in Bank Nif also but its call short builds are at much higher strikes at 60000 and 63000. Is the options market telling us something here? Let me just put it this way: if market continues bullish, then dont hesitate to follow it.
Reliance did well and closed well. Dips back to 1350 could be bought. Continuation can take it to 1390 as next target.
TVS Motor results were good and abv 2820, stock could continue higher.