Nifty trading sentiment indicating ‘buy on dips’ strategy; Banking, IT and metals top bets
时间:2024-06-29 02:09:57 阅读(143)
By Manojh Vayalar
The December series Nifty futures started with a premium of around 100 points for the current month. The Nifty has rolled around 73% and Bank Nifty around 80%.For the Index futures, FII have reduced the short positions to 56% from 64% at the start of the December series. The index is now in a ‘Buy on Dips’ mode till 20,000 is not breached on closing basis, for the first fortnight of the December series. 20,200-20,300 might be the immediate support and only a decisive close below it might bring in further downside. VIXfor the Nifty is currently at 13.5 and likely to remain in the 11 to 15 range implying a range of around 800 points.
The ratio between Bank Nifty and Nifty is currently at 2.25, this ratio has a support at 2.20 and resistance near 2.28. We expect Bank Nifty to outperform the Nifty back towards 2.28.
Sector-wise, Banking, IT and Metals look good in Nifty.
Nifty Call Spread:-Buy Nifty 28 DEC 21000 CE @ 205
Sell Nifty 28 DEC 21400 CE @ 75
Spread @130, SL @ 60, Target 350.
(Manojh Vayalar, VP- Derivatives, Religare Broking Ltd. Views expressed are the author’s own. Please consult your financial advisor before investing.)
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- e 39,500. “Support placed at 17900 and 39,200.” Meanwhile, Nagaraj Shetti believes that any lack of strength around 17900-18000 levels in the next 1-2 sessions could pull Nifty below the resistance area in the short term. “On the other side, a decisive move above 18K mark is likely to pull Nifty towards the next upside target of 18600 levels in the near term. Immediate support is placed at 17760 levels,” he said.
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