hi Traders,
Hope you had enjoyed your long weekend.Here is Nifty Option Chain of 12th Aug 11(Fri).
Notice the OI at 5300,5200 Calls. More than 55 lakhs . OI at 5000 Put is above 70 Lakhs.There is also considerable OI Build up at 4800 Put. My guess is that 4800 is being considered a THE Bottom by many,if at all, we break 5000.
After the turbulence started in the market ,in this series,Nifty neither Gone beyond 5200 and nor gone below 5000 convincingly.hope you are keeping track of remaining sessions in the series. 8 more sessions. I personally feel 5000 ,5200 will be the range for the remainder of the series.Draw your option strategies accodingly.one advise though. No Short strangles for this range( writing 5000 Put and writing 5200 call).Considering the Volatility and uncertainity in the market, all it takes is couple of sessions or less to have the market swing wildly.
welcome to this week's trading and Happy Trading.
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