Short covering and followed by fresh long in Axis and Yes Bank. HDFC Bank shines (Chart). BNF is set to reach all time high.
DII aggressive buy is making market stable and bullish.
Aggressive shorts maintained in TCS and ITC which are heavy
INFY and WIPRO look bullish.
Mostly fresh long is maintained in all other stocks, but it is
not aggressive long.
No profit booking and no short covering happened in nifty
Trend-line support is at 8780 and Pivot support is at 8711.
However the momentum of uptrend is coming down.
Huge resistance is at 9000.
Stay bullish until it breaks 8711.
ICICI Bank and HDFC Bank are up in USA.
Banknifty bullishness driven by Axis Bank and HDFC Bank right
HDFC Bank is having target of 1470 by April 1st week
There is no bad news to Banknifty as of now.
Shorts added to Banking stocks did not have weightage (IndusInd
Short covering and followed by fresh long in yes bank and Axis
No significant position is in PSU Banks.
Expecting break out in Axis Bank which is bullish up to 534 above
ADX is up and RSI stays in over-bought region.
Having Short straddles at 21000 is giving profit.
Sold out additional 18500 PE and 19000 PE.
Sold out 8600 PE.
Exited FEB 21000 CE with no profit and loss.
Will sell more PE (19500 PE and 8600 PE) if it moves higher in
Nifty and Banknifty.
Planning to shift few lots if 22500 is opened.
Having free cash 15% now.
Jegathesan Durairaj, a mathematician by qualification, an Ex-software professional and now a full time Risk Defined Option Writer. With his Open Book Strategies, he is the most known identity in twitter as itjegan, with huge followers. He had won Zerodha 60 Day Challenge – 10 Times round-the-clock. He is one of the prime Option Writing Trainer and tutored close to 1000 members till now.
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