BNF is trading at 25240, Today BNF should be trading above 25370 and close above that will conform bulls are holding their grip, if 25370 can’t be taken out by afternoon or close above that, bears can sneak and feel the small door is opening.
Like this week,wednesday is an expiry, to and fro movements can happen fast!
Bulls any cost should not open the gates of 25040 for today to wednesday, in case they get lethargic and open intraday, it must not allow bears to close below 25040
So the range is 25040-25370
Bigger picture 25040 below -24820-24960
Bears if they show they are ruthlessly hungry, first they need to take out 25040- and finally 24820.
Till then Bears are playing catch up!
Bulls will control the weekly expiry only above 25040, and the current price is 25240, as of now they are still and winning the weekly expiry
To win monthly expiry they should close above 25370 to 25480 for few days in next 8 days! that’s a long way out
That was bulls, bears and now it’s about me!
What am tracking or watching – 25300 calls and 25000 put for the day
25300 call -should not close below 60, if they are not, bulls in control if they are below 180, some concern for the weekly expiry
So maybe they may trade today in the range of 140-230 -260
A better place for safety for the day is somewhere around 80-120!
Below 170, for the day weakness for bears, they need to be above 170
Below 170-we could see up to 120-90
Above 170- we could see up to 230-330
Close below 180 for today and tomorrow, the game would be lost, but however, if they don’t close below 80 for the next few days, they have a slight chance to come back.
Let’s see how markets act and we shall react
All the Best and trade less