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BANK NIFTY
Atualizado
Important Levels for 01-07-2021
Short covering happened once day's high was taken out but prices could not cross the last swing high and came down quite fast after the open was tested again.
We could look to short below 34650 levels for targets of 35510-35530 zones. If prices go below this and sustains for some time 35300 level will be tagged. Also considering the fact that it has closed below 61.8% Fib levels (range 34525-35576) we can see a move towards our first target, it being the swing low of the Fib Retracement drawn.
Not seeing any reason to take longs below 35250-35280, as we can see multiple resistances on the way up. But any positive price action near our targets can be bought with strict SL and should be trailed aggressively.
35000 still has maximum call and put writing, but today we have seen about 15% put unwinding from 34500 and 35000 spot prices which makes an up move quite a laborious task but tomorrow being weekly expiry it will be wise not to be pretty sure about anything;)
Short covering happened once day's high was taken out but prices could not cross the last swing high and came down quite fast after the open was tested again.
We could look to short below 34650 levels for targets of 35510-35530 zones. If prices go below this and sustains for some time 35300 level will be tagged. Also considering the fact that it has closed below 61.8% Fib levels (range 34525-35576) we can see a move towards our first target, it being the swing low of the Fib Retracement drawn.
Not seeing any reason to take longs below 35250-35280, as we can see multiple resistances on the way up. But any positive price action near our targets can be bought with strict SL and should be trailed aggressively.
35000 still has maximum call and put writing, but today we have seen about 15% put unwinding from 34500 and 35000 spot prices which makes an up move quite a laborious task but tomorrow being weekly expiry it will be wise not to be pretty sure about anything;)
Nota
One important thing to keep an eye is the fact that for the entire June month the VAL is at 34750 levels in futures. This can act as a support point also, but if that point in futures and 34650 in spot is broken, we can take shorts convinvingly.
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