F&O Radar| Deploy Bull Call pread in Nifty for potential gains from support-based buying

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The Nifty index opened negatively but saw significant buying, recovering 200 points to close near 22,500.

Synopsis

Nifty index opened negatively on Tuesday but rebounded 200 points from its low, closing around 22,500. A bullish candle formation suggests support-based buying at lower levels. The index needs to stay above 22,400 for further gains towards 22,650 and 22,900. Options data indicate a broader trading range between 22,000 to 23,000 zones.

The Nifty index opened negative on Tuesday, but buying was witnessed right from the initial tick and it recovered by 200 points from its opening low. It went on to cross the 22,500 level and also managed to give a close near the same.It formed a bullish candle on the daily frame with a longer lower shadow indicating that support-based buying is intact at lower levels.“Now the index has to hold above the 22,400 zones for an up move towards 22,650

BY

ETMarkets.com

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