PROBABILITES OF DALAL STREET ON 08th JULY 2024

Dear market participants, as we discussed chances of nifty consolidating between 24200 to 24400 were high, it happened in the last trading session. Nifty took very good support at 24200 and closed finally in green. Now we should consider some important points for the next trading session.

• FII bought 3.84 Laksh index future and in options, they have bought 6.87L calls and 6.08L puts so there is volatility.
• DII sold 63694 index futures and in options, they bought 2.47L puts and 2078 calls, only this indicates they are bearish.
• Clients are neutral in both futures and option.
• If we look at the global market US markets are bullish. Europe markets are slightly negative and Asian markets are mixed some markets are positive and some are negative.

• The volatility index fell 1,24%, which closed at 12.74. finally, the central government announced the budget date on the 23^rd of this month. So as usual some volatility may happen because of some expectations. There is negative news in Bandhan Bank. It also can show a slight impact on tomorrow’s banking sector.
• As per open interest nifty has 24200 followed by 24000 has the highest put option and 24400 followed by 24500 has call options.

Nifty in the last trading session took support at 24200 so there is a high probability of bullish in the market and it has immediate resistance also. so finally we can say that staying above the 24200  has a high probability rather than breaking the strong support that is 24200. One should observe at resistance level before expecting even more bullish.

                                                                                       -By

                                                                              A Ganesh R Bhat