Multiple Support For Nifty Placed Around 9,250; 5 Stocks Which Can Give Up To 20% Return - Dollar Advisory Financial Services

Breaking

Wednesday 10 May 2017

Multiple Support For Nifty Placed Around 9,250; 5 Stocks Which Can Give Up To 20% Return

The Nifty has been trading sideways in the band of 9,300-9,400 since last 8 trading sessions. However, derivative data indicates long rollover to May series by foreign institutional investors with an average rollover price of 9,300. Most importantly, Nifty is trading above this level.

Put writers sold heavily in the expiry week and are still holding put sold positions. Post expiry, no major short build-up was seen by FIIs; however, they have been liquidating some on index long carry forward position.
Now, the Nifty has multiple strong supports at lower levels around 9,250, 9,200 and 9,170. In the May series, we are seeing options open interest is building up in 9,300 puts which indicate higher probability of upside breakout in prices from recent consolidations.

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