F&O Strategy: How to trade Nifty & Bank Nifty on August series expiry?
monthly expiry and traders in the derivatives market can adopt a moderately bullish strategy with Nifty futures while taking a neutral view on Bank Nifty futures, an analyst recommended while spelling out his trading strategy for today.
«The sell-off post the gap-up opening on Wednesday showcases the resilience of the bears as they swept away the gains and eventually dragged the index to the lower terrain and below 19,400. Technically, on a closing basis, there are hardly any alterations in the price chart, but with the big bearish candle formation, it is likely that the time-wise correction phase remains intact,» Osho Krishan, Senior Analyst, Technical & Derivative Research at Angel One said.
Krishnan sees a strong support at 19,300 with the sheet anchor lying around the 19,250-19,200 zone and 19,500 acting as a strong resistance and only a decisive breakthrough will re-strengthen the undertone in his opinion.
Analyst Kunal Shah, Senior Technical & Derivative analyst at LKP Securities also sees strong support in the 19,300-19,250 range and said that a failure to sustain above this level could potentially trigger a continuation of the downward movement.
