I was not well yesterday hence could not update my blog in the morning before the market opened.
On 23rd Feb NF did make a low of 2675 however reversed from there because of the new excise and duty cuts announced by the govt. Technically we saw a lot of rollover as well (40%) which . pushed march series in deep discount but bouyed the Feb series NF.
Above chart shows how on 23rd the channel line was broken downwards but it pulled back and closed again in the channel. It is still in the channel hence remains rangebound. However there is a strong possibility that this channel will be broken in March series now giving a huge trader rally on each side. I expect the first rally to be downwards and then probably once all bears are trapped a run in opposite direction.
Yesterday was a continuation of that rolloover and today can be a brokers day as it usually is on expiry day. I would advise all to stay away from day trading and if one is still holding Feb series shorts they should ne rolloed over to March. I would advise buying March series 2800 put today on any rise with SL 2880 on NS.
Todays magic numbers for NF
NF = 2716, 2735, 2758, 2785, 2808
Cheers
SH
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