Market Updates 27 August
FIIs again comfortably net longs above 52%, with the sentiment being positive today as well.
NIFTY option chain witnesses 25000 straddle being very very aggressive, with PCR_OI being well below 1. PE writers are the most active at 25000 strike, which hints that the levels of 24900/24950 zones should act as a strong support zone, and if this is sustained then 25200 is the next stop for the INDEX.
BANKNIFTY option chain as been highlighting is definitely positive on a broader basis, but immediate hurdles of 51200 is the key zones now to be looked upon. A breach above here will see 52000/52700 levels for the INDEX.
ACTIONABLE IDEAS:
NIFTY : BUY on declines till 24980/24930, TGT 25200/25500, SL 24880
BANKNIFTY : Fresh buying above 51200, Sl 50900, TGT 52000/52700.
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