Trade Set Up for 30 Aug-2021
NIFTY FUT
16718.15
In the last trading session Nifty rallied & closed above its OI hurdle zone of 16700 & a positive opening above 16800 is on the cards. The uncertainty looming over the markets about Fed’s Bond Purchase tapering dates & Interest rate hikes has been some what resolved by Fed Chairman Mr. Powell on his speech at Jackson Hole on Friday Night. As we look into the Open Interest data we can see that CE writers are active at 16800 levels & PE writers are strongly active at 16600 levels. Two possible scenarios exist for the upcoming trading session. Firstly, post gap up opening above 16800 if the Index sustains for sometime it can shoot up till 16880-16940 with stop loss placed at 16750. Secondly, after gap up opening if it start retracing it can test support zones of 16700-16650.
KEY LEVELS
16640-16800
BANK NIFTY FUT
35725.50
Bank Nifty is hovering around its immediate resistance zone of 36000 & there is a cluster of resistances placed near 36000-36400 levels. There is a lack of buying interest in the Index as reflected by MACD & candlesticks. The Open Interest data points out the same scenario with a range of 500 points between CE writers & PE writers who are actively holding their positions at 36000 & 35500. Now, the strategy should be wait & watch for a breakout above 36000 or breakdown below 35500 in Bank Nifty to gain a movement of 400-500 odd points.
KEY LEVELS
35500-36000
Trading Calls for the Day(30 Aug-2021)
rajesh ahuja
August 29, 2021sir your picks gives a good return
admin
August 30, 2021thanks