Profit-booking is seen in the market for the fourth consecutive day. Nifty is struggling to save 17500. Bank Nifty is doing UNDER PERFORM today. So, we will try to understand through the data of the options which range the writers are seeing for the next week’s monthly expiry. Our Today Expert is Amit Seth, Market Expert at CNBC-Awaaz’s Future Express. Amit also offered a cheaper option with his strong calls.
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During 12 o’clock in Nifty today, most call writers were active at the level of 18200, 18300 and 18500.
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During today 12 o’clock in Nifty, most put writers were active at the level of 18200, 18100 and 18000.
During today 12 o’clock in Bank Nifty, most call writers were active at the level of 38000, 38200 and 38500.
During 12 o’clock in Bank Nifty today, most put writers were active at the level of 38000, 37900 and 37500.
Market expert Amit Seth’s opinion on the market
Giving opinion on the market, market expert Amit Seth said that in Nifty, we are seeing a decline due to continuous selling for the last 4 days. From the point of view of its business today, then week and break level has appeared in it at 17600. I believe that it is necessary to hold the level of 17600 for Nifty to move forward but if this level is also broken then the fall in Nifty may increase further and Nifty may also fall till the level of 17400.
Today is the last day of the trading week and volatility remains in the market, so for today there will be no opinion of taking position in Nifty. We should see whether Nifty holds the level of 17600 or not, after that some strategy has to be made on it. Giving opinion on Bank Nifty, Amit Seth said that today there would be an opinion to avoid trading in Bank Nifty as well.
Today’s Trading Ideas of Amit Seth
ITC JAN FUT : Buy – Rs 219, Stoploss – Rs 214, Target – Rs 227
HERO MOTOCORP JAN FUT : Buy – Rs 2755, Stop Loss – Rs 2695, Target – Rs 2825
TATA POWER JAN FUT : Buy – Rs 248, Stop Loss – Rs 243, Target – Rs 258
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Today’s cheap option suggested by Amit Seth: ICICI Bank
Amit today bet on private sector giant ICICI Bank as a cheap option. He said buy its January series 810 strike call around Rs 14. Put a stop loss below Rs 9 in it. A target of Rs 22 can be seen in this call option because with the rise in Bank Nifty, ICICI Bank shares are also expected to rise.
(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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