F&O Talk | Deploy bull spread in Nifty as FIIs highly net long: Sudeep Shah of SBI Securities
Nifty ended Friday’s session in red at 24,010. Since Tuesday’s session, the prices made new peaks each day, the all-time high of the index currently being 24,174.
Nifty is sustaining nearly 300 points above its 10 day exponential moving average while Bank Nifty is trading close to 550 points above the same on daily charts.
Unlock Leadership Excellence with a Range of CXO Courses
Offering CollegeCourseWebsiteIIM LucknowChief Operations Officer ProgrammeVisitIndian School of BusinessISB Chief Digital OfficerVisitIndian School of BusinessISB Chief Technology OfficerVisitAnalyst Sudeep Shah, Deputy Vice President and Head of Technical & Derivatives Research, SBI Securities interacted with ET Markets regarding the outlook on Nifty and Bank Nifty along with an index strategy for the upcoming week. Following are the edited excerpts from his chat:
5 trading sessions, 4 green candles in Nifty. We closed above 24,000 and sustained above the same on Friday. Does this open the door for any next big level? If yes, what level do you see?
In June, the benchmark index Nifty witnessed substantial volatility, trading within a 2,900-point range, the highest since March 2020. Despite this, the index surged over 13% from the election result day's low of 21,281, reaching a new all-time high and closing the month above the 24,000 mark.
Remarkably, the index's climb from 23,000 to 24,000 was the second fastest rally, gaining 1,000 points in just 23 trading sessions. It closed the week above 24,000, posting a gain of over 2%. Over the
