F&O Radar| Deploy Bear Put Ratio Spread in Nifty for potential benefit from bearish stance
Nifty continues to face resistance at the higher levels and it has closed below its previous support of 24,700 for the second consecutive time, indicating weakness in the short term.
Until the index is not able to close above 24,700 the overall short-term trend remains negative.
“The next technical support for the index is the 24,100 to 24,000 range whereas the resistance on an immediate basis is 24,700, hence the range for the index for the weekly expiry is 24,700 to 24,100 levels which is approximately 300 points higher and lower from the last closing price,” said Jay Thakkar, Vice President & Head of Derivatives and Quant Research at ICICI Securities.
The momentum indicator MACD is in the sell mode on the daily as well as weekly charts indicating weakness in the near term, the hourly indicator too has reversed from the zero-reference line which further indicates weakness in the near term.
Within this broader range of 600 points, the Index has an immediate support at 24,250 and resistance at 24,600, hence the shorter range is 24,600 to 24,250, Thakkar added.
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