F&O expiry / settlement day
please close all in the money options before 3.29 to save STT .
Close all May Future contracts . rollover to June if u desire to do so .
Gap down opening is expected .
yesterday's intraday chart is showing that after a gap down start bulls tried to hold nifty and started to up lift it but selling pressure from higher level strengthen the bears and in last hour they sent nifty below opening range. confirmed that bears are still dominating .Asian and international markets are weak.
Buy at / above: 4904 Targets: 4930 - 4952 - 4980 - 4014 >>>
Stoploss : 4880
Sell at / below: 4880 Targets: 4861 - 4840 - 4810 - 4780>>>
Stoploss : 4904
Indian markets are totally depend on option players and as per option data we are seeing huge puts build up 4900 and call build up above 5000...it is indicating expiry at 4900+/- 40 points .
possibilities after gap down opening of 1% or more
1. range trading
2. long unwinding more fall
3.value buying or bottom fishing smooth recovery may turn in short covering at later stage...
so do not trade in panic spot the trend and play accordingly.
we will see wild moves today so trade only if u are fast and use stop loss orders to limit losses.