EOD observation
I still holding 7200 puts.. could have been averaged by buying 1 more lot @ 38 by 3.20PM.... if i was watching the live market full today...
which could have made holding 100 7200PE @ 49 but lets not consider this as its not done during markets and track only one lot from earlier trade....
What makes me decide like this?
see the table
Interpretation/anticipation-
# OI addition day by day to 75CE is made me to think the 7500 as a strong resistance.
# when market nears such type of res during the beginning of the contract itself then there will be two possibilities
1st - market makes good new lows in near time ( if there are NO triggers/news lined up then this is possible)
2nd - market decisively break out in search of new highs ( to anticipate this there should be good triggers ahead)
# Threats are like 72PE is constantly adding OI
# Danger of nifty shifting its support from 6800 to 7000 to 7200 levels
# at these kind of situations its better to cross verify the EOD spot charts for any visible resistance at present..... and the good news for bears is that I spotted an unconfirmed res @ 7429 & also @ 7504 and today we have witnessed rejection @ 80% of 7500 to 7118 ..... if it confirmed then it will leave the chart with double top pattern which is again a good bearish signal
# last but not the least one big candle BO above these levels have a fare chance of invalidating all bearish studies above mentioned ...... after all market is supreme!!
lets see...
toughard