Nifty
Current: 7,982.90 (fut: 7,979)
Target: NA
The trend is more likely to be bearish. Set a stop loss at 8,075 for short positions. Set a stop loss at 7,925 for long positions. Big moves could go till 8,150 or 7,850. A bearspread of long 7900p (64), short 7800p (36) would gain 15-20 if the market drops to 7,900 or below.
Bank Nifty
Current: 17,523.55 (fut: 17,500)
Target: NA
Stop-loss short positions at 17,650. Stop-loss long positions at 17,350. Big moves could go till 17,200 or 17,800. A bearish trend is more likely. An on-the money bearspread of long 17,500p (265) , short 17,000p (100) costs 165. This can be held for five sessions with a stop-loss of 85.
The author is a technical and equity analyst
