Given the current chart structure and improving momentum indicators, Bank Nifty is likely to continue its upward move and may test the 56,800 level in the near term with a potential extension toward 57,500, Sudeep Shah of SBI Securities said.
Option Scalping is a trading technique that involves capturing very small moves.
The India VIX — the fear gauge — extended its southward journey for the fifth consecutive session, declining 4.09 percent to 13.67. As long as it sustains below the 15 zone, bulls may continue to find comfort.
The market may consolidate further with a negative bias. Below are some short-term trading ideas to consider.
According to experts, if the Nifty 50 fails to defend 24,700 (which acted as a solid support this week), selling pressure may drag it down to the 24,500–24,450 zone. On the higher side, the resistance lies in the 24,900–25,000 zone.
Experts believe that if 24,700 level is decisively breached, the 24,500–24,450 zone becomes a crucial support area to watch on the Nifty 50. On the upside, the 25,000 mark remains a critical hurdle for any further upward movement.
While focusing on the Iran-Israel conflict, the Nifty 50 is expected to remain rangebound, according to experts. If the index fails to defend 24,700 on a closing basis, the 24,500–24,450 zone, being the crucial support, is likely to be tested. However, on the higher side, if it clears and sustains above 25,000, a rally toward 25,200–25,300 can be possible.
The market is likely to remain rangebound with focus on the Iran-Israel conflict. Below are some short-term trading ideas to consider.
According to experts, unless the Nifty 50 breaks the 24,700-25,000 range on either side, consolidation may continue.
Weekly options data suggest that 25,000 is likely to act as a key resistance zone for the Nifty 50, while 24,500 is expected to be the support zone.
Market consolidation is expected to continue with the focus now shifting to the outcome of the US Federal Reserve meeting. Below are some short-term trading ideas to consider.
The Nifty 50 needs to clear 25,000 for a move toward 25,100–25,200, while 24,700 is likely to act as a support zone. For the Bank Nifty, 56,000 remains a key zone. Below it, consolidation may continue with support at 55,400–55,150, while a move above 56,000 could open the door to 56,100–56,800.
According to experts, the Nifty 50 is expected to consolidate further, with support at 24,700 (Monday's low) and resistance at 25,000 in the short term.
According to expert, a reversal formation on intraday charts and a bearish candle on the daily charts indicate temporary weakness in the Nifty 50.
If the Nifty 50 defends 24,700, the immediate support, a rally toward 25,000–25,200 can’t be ruled out. However, if it falls below 24,700, the decline may extend to the 24,500 zone. Overall, it is expected to trade within the broad range of 24,500–25,200 in the short term, according to experts.
The market is likely to maintain a positive bias in the upcoming session. Below are some short-term trading ideas to consider.
Experts note that as long as the Nifty 50 sustains above 24,800, an upward move toward the 25,000–25,200 zone is possible in the upcoming sessions. However, if it falls below 24,800, support is placed at 24,700, followed by 24,500.
The options data suggests that the Nifty 50 may face resistance in the 25,000–25,200 range in the near term, while support is seen around the 24,800–24,700 levels.
The possibility of record high in Nifty Midcap and Smallcap 100 indices would be only when the broader market stabilizes in the next 3 to 5 months, said Rahul Ghose.
The market is expected to remain cautious and continue consolidating in the upcoming sessions. Below are some short-term trading ideas to consider.
According to experts, if the Nifty 50 decisively breaks last Friday’s low of 24,473, the level to watch will be 24,370. However, climbing above 24,850 could open the door to the 25,000–25,200 zone.
A decisive fall below 24,450 could drive the Nifty 50 down to 24,370—the upper end of the gap-up opening on May 12. On the upside, immediate resistance is placed at the 24,850–24,900 levels, followed by 25,000, according to experts.
Traders are advised to adopt a wait-and-watch approach in the next couple of sessions until a clear breakout or breakdown confirms the next leg of the move, said Sudeep Shah.
The input of time in Option premium calculation is directly related to it. As time passes the value of premium reduces if the stock and its volatility were not to change. Hence, we should expect some reduction on Option premium on everyday basis regardless of anything.
If the Nifty 50 breaks the 24,800 support level, the selling pressure may extend to 24,670. On the upside, the 25,000–25,200 range is expected to act as a resistance zone, according to experts.