After three days of rally, the market is trading in a range today. Nifty is holding the level of 16600. Nifty Bank is also witnessing a gain of about 150 points. In such a situation, we will understand through the data of options which range the writers are seeing for the next week. Our Today Expert Market Expert is Vinay Rajani at Future Express of CNBC-Awaaz. Vinay Rajani also gave cheap option with his strong trades.
Today at 12 noon, most call writers on Nifty are seen active at 16700, 16800 and 16900.
Today at 12 noon, most call writers on Nifty are seen active at 16500, 16400 and 16300.
Today at 12 noon, most call writers on Bank Nifty are seen active at 34800, 34900 and 35000.
Today at 12 noon, most call writers on Bank Nifty are seen active on 34500, 34400 and 34300.
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Vinay Rajani’s opinion on the market
Giving opinion on the market, Vinay Rajani said that the market is showing the mood of consolidation today. The Asian market is also not showing any momentum today, while the Indian markets are also seeing range bound trading today after three days of rally. But overall today the strategy of buy on dips seems to be dominating the market.
If we look at the data of the last three days, the Nifty has seen a gain of about 1000 points. So now there is a possibility of profit-booking in it. Anyway, today is the weekly expiry, so profit booking can be seen in Nifty.
The set-up of Nifty is looking very good as compared to Bank Nifty as IT, Metal and Pharma are witnessing good rally. Therefore, we believe that Nifty may see further gains in the coming 2-3 sessions.
Giving the opinion of making a position on Nifty, Vinay Rajani said that a position can be made in it at the level of 16616. Levels of 16800 can be seen in this but it is also necessary to put stoploss at 16400.
While giving a call on Bank Nifty, he said that Bank Nifty can go long at 34514. It can be seen at 35400 levels, although stoploss should also be placed at 33800.
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Today’s Trading Ideas of Vinay Rajani
NMDC March Fut : Buy – Rs.156, Stoploss – Rs.153, Target – Rs.163
IOC March Fut : Buy – Rs 121, Stop Loss – Rs 118, Target – Rs 127
Today’s Cheap Option: Sun Pharma
Vinay Rajani bet on Sun Pharma today as a cheaper option. He said buy its March series with 900 strike call around Rs 19. In this, a target of Rs 26 can be made in the short term. At the same time, for safe investment, a stoploss should also be put in it at Rs 15.
(Disclaimer: The views and investment advice given on moneycontrol.com are the personal views and opinions of investment experts. Moneycontrol advises users to consult a certified expert before making any investment decision.)
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