Welcome to the best series of 2017!!

522 points gain and still counting!! After March 2016 which saw 700 points gain, this is the best series in 17 months!! Today is the expiry to this wonderful series which would have made money for all those who went long, for rest it’s all wrong wrong!!
You would have remembered me going bullish right from the time we were at 9800 at the beginning of the series! In one of the pre diwali longs I even suggested a 10300 target that was met yesterday when NIFTY went all the way up to 10340! Belief can move mountains, NIFTY is just a tonne lighter than a mountain!
After a big move yesterday, today will be ruled mostly by the expiry cues. US and Asia are in red and India might be slightly affected by it initially, but going forward expiry factors will take over! 10,300 call was in demand yesterday where traders were shorting it continuously. On a day when NIFTY went up the premium of this call came down from 55 rupees at the opening to a 24 rupee close. That means they are ready to eat this 50 rupee premium as they expect expiry to happen below 10350 levels and even 10320 levels. That call generated a turnover of 161.3 Crores. The next active contract was the 10200 put which was also shorted where the premium opened at 5.60 rupees and closed at 5.60 rupees. That makes 10190 to 10320 zone the markers for today’s expiry.

What are the scenarios?

NIFTY will open flat at yesterday’s close of 10290 levels and 10320 presents a very strong resistance. Looking at today we can see the following scenarios
1. NIFTY remains between 10290 to 10320 range and 3PM move coming up might expire close to 10350. That would benefit those who shorted 10300 call early in the morning yesterday till 12 noon. Others might lose money.
2. NIFTY remains between 10270 to 10320 range and 3PM move comes down and NIFTY expires below 10300 and above 10270. That will profit all those who shorted the 10300 call yesterday.
3. NIFTY opens at 10280 and quickly moves towards 10250 levels and stays between 10250 and 10280 with 3PM move making it to close at 10300 if it comes above. That will prompt you to buy some calls and close them intraday.
4. NIFTY opens at 10280 corrects to 10250 or might go below that and 3PM move comes down and close will be below 10250 levels. If you see this scenario playing out go for buying a put to make money intraday.
Good luck for this most profitable series of 2017!!

Q2 results scheduled for today

1. Biocon
2. Crompton
3. Cummins
4. Mastek
5. Mphasis
6. Sagar cements
7. SREI Infra
8. United Spirits
9. Vijaya bank
10. Whirlpool
11. Yes bank