Markets are under pressure today due to lack of news of relief on Russia-Ukraine war. Nifty has come down to 16600. Selling pressure is high in Bank Nifty. So, we will try to understand through the options data which range the writers are seeing for this week. Our today’s expert on CNBC-Awaaz is Rajesh Palviya of Axis Securities. Rajesh shares his strong trades with opinion on the market.
Shares holding today’s FRESH LONG Rolls in Futures Market
MCX, COAL INDIA, HINDALCO, TATA STEEL AND JSPL
Shares holding today’s FRESH SHORTS Rolls in Futures Market
ASIAN PAINTS, MARUTI, ICIC BANK AND HDFC BANK
Shares with LONG UNWINDING Roles in the Futures Market today
ABBOT, CROMPTON and DELTA
Today at 12 noon, Nifty saw the highest number of call writers at the level of 16500, 16600 and 16700.
Today at 12 noon, Nifty saw the highest number of put writers at the level of 16500, 16400 and 16300.
Bank Nifty saw the highest number of call writers at the level of 35500, 35800 and 36000 during 12 noon today.
Bank Nifty saw the highest number of put writers at the level of 35000, 34500 and 34800 today at 12 noon.
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Market opinion of Rajesh Palviya of Axis Securities
Commenting on the market, Rajesh Palviya of Axis Securities said that today we have seen a gapdown in the market. Apart from this, supply factors are not visible in the market and there are no signs of market putback. Overall, there is an atmosphere of fear in the market. However, due to geo-political tension, buying is being seen in some sectors.
He further said that looking at the way the writers are seen active at the level of 16500, 16600, it seems that the market will not see any pullback rally soon. Nifty is likely to see supply and bounce soon. If Nifty breaks the level of 16500 then it may see further downside.
If there is any bounce in Nifty, then it should be short near 16600. In this trade stoploss should be placed at the level of 16700, till that even after the departure of Nifty, it would be advisable to sell it.
Giving his opinion on Bank Nifty, Rajesh said that Bank Nifty is a very volatile index. At this time it will also be a sell advice. If it goes up to the level of 35170 then take a short trade in it. Its stoploss should be placed at 35500. A target of 34700 can be seen in this trade.
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Today’s Trading Ideas by Rajesh Palviya of Axis Securities
Ultratech Cement Mar Fut : Sell – Rs 6389, Target – Rs 6320-6280, Stoploss – Rs 6430
Gail Mar Fut : Buy – Rs 148, Target – Rs 156-158, Stoploss – Rs 145
Dr Reddy’s Mar Fut : Sell – Rs 3928, Target – Rs 3800, Stoploss – Rs 3970
(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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