NIFTY

Today NIFTY took a violent move and went from Day's low of 9000 to 9333.
Now NIFTY is below crucial resistance of 9340 and above technical support of 9100 & physiological level stays at 9000.
Weekly range for NIFTY is in between 9400 - 8400.
Highest OI on CALL Side is on 9500 - 2.7 Million whereas it was on Highest on 9200 - 2.9 Million till today.
Today's move forced Call writers to close their earlier positions from 9100, 9200 & 9300 Strikes.
Highest OI on PUT Side is still on 9000 - 4.3 Million followed by 8500 - 2.5 Million.
Strike 9100 has 3rd highest OI - 2.2 Million however this seems difficult to break for Bears.

NIFTY should give a closing between 9100 - 9340.

STOCK IDEAS

1. WIPRO

Stock is currently trading at 201 ended up in Green with huge volume of 18 Million which is 3X of general volume.
Such an aggressive move just a day before monthly expiry seems to be a trap for Bulls.
Stock has crossed Bollinger Band Upper Range on Daily Time Frame.
Highest OI on Call Side is on 200 - 0.4 Million whereas on Put Side Strikes 180,185,190 combined makes a 0.4 Million OI.
Hence the stock should give a closing between range 190 - 200.
One should look for a shorting opportunity on the stock.

CMP 201

Target 195

Stop Loss 204

Stock is currently trading at 467 with approximately double volume of 4.8 Million and ended up Green.
Stock has crossed Bollinger Band Upper Range on Daily Time Frame.
Key support level is at 552 while the near resistance is at 582.
Highest OI on Call Side is at 560 - 0.12 Million whereas Highest OI on Put Side is at 540 - 0.10 Million.
Hence, stock should give a closing between Range 540 - 560.
One should look for a shorting opportunity on the stock.

CMP 567

Target 552

Stop Loss 582