Trade Setup

One good day changed it all. Markets gave a big thumps up to GST with a 1% gain on NIFTY. All GST sensitive stocks celebrated big time. With this the base and the roof of NIFTY shifted upwards. Surprising factor is maximum open interest is at 9800 now indicating this series has a potential to go there. 9800 has a premium of 30 rupees now and many traders are making early moves by buying 9600 call and selling 9800 call. On the put side put writing is shifting from 9500 to 9600 indicating a shift in the base towards 9530 levels now.
With GST in and the false breakdown taken out in just 2 days, are we in for a break out in 9670 levels very soon? Any dip should be bought now and keep a target of 9800-9830. This level will come very soon and ITC continues to roar. Ashok leyland, Eicher are also on roar and will continue to do so. Am waiting for the banks also to join the rally. ICICI and Kotak could start the resurgence of banks now.

Fuel Prices in India’s Major Cities

City  Petrol  Diesel
Delhi  63.08  53.44
Mumbai  74.30  58.76
Kolkata  66.14  55.74
Chennai  65.46  56.25
Bangalore 64.23  54.38
Hyderabad 67.01  58.21