Today, the Nifty50 failed to hold above the 7,950 level in the absence of follow-up buying ahead of the September Q(quarter) GDP data and Tuesday's 5th bimonthly money policy review.
The Reserve Bank of India maintained status quo at its 5th and last bi-monthly monetary policy review of the year by keeping benchmark repo rates unchanged at 6.75 per-cent.
No clear trend was seen in the market. Experts advise caution and recommend traders to maintain their long positions as long as Nifty50 holds above the 7,900 level. There is a lot of Put OI concentration at strike price 7,900 with 27.40 contracts, & below that at strike price 7,800 with 29.85 contracts. Analysts advise traders to lighten up some of the long positions if the index slides below 7,900.
The Reserve Bank of India maintained status quo at its 5th and last bi-monthly monetary policy review of the year by keeping benchmark repo rates unchanged at 6.75 per-cent.
No clear trend was seen in the market. Experts advise caution and recommend traders to maintain their long positions as long as Nifty50 holds above the 7,900 level. There is a lot of Put OI concentration at strike price 7,900 with 27.40 contracts, & below that at strike price 7,800 with 29.85 contracts. Analysts advise traders to lighten up some of the long positions if the index slides below 7,900.
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