As mentioned in my yesterday's post about Market outlook, today nifty bounced back from key support zone of 5000 levels. It has not breached that level at all and then touched intraday high of 5072. Finally nifty closed in the green.
Yesterday, I recommended buying DEC 5100 CE at 69 Rs. Today it went up t0 81.50 Rs. One would have easily made almost 20% return on day one.
I would still suggest carry on with your long position and hold on to 5100 CE if you are already holding the position. You'll see nifty trading above 5100 shortly. Keep stop loss of 4970.
Fresh long positions could be created above 5055.
Now, what's next?
- Today bulls have geared up.
- Nifty future is trading into premium.
- Global markets are supportive. By the time I publish this article US markets - Dow and Nasdaq were up about 43 and 15 respectively. European markets were also trading high.
- Asian market are falling a bit for last couple of days, specially Hang Seng and tomorrow they'll might turn into green as global cues are supportive.
As all the above factors are positive and there’s no major cue for the market to break down, I would still go long on the market till nifty is holding above 4970.
Happy Investing!!
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