NIFTY is too close to the real breakdown point, hich is the neckline marked. Approximately, the corresponding point is 4215. This means a drop below 4215 will be very dangerous. The event of a drop below 4200, will take NIFTY to 3850. I see a high chance of that occurrence.
Trading Idea: Hold on to the straddle I suggested few days back. Once NIFTY leaves 4200, you may opt to pull the CALL part of the Straddle and keep the PUT part. Personally, I plan to keep both, as for such a low value of the CALL, you have all the protection in the world for your capital.
You may see a high volatility day today , if it opens above 4215, else a one sided market.
Trading Idea: Hold on to the straddle I suggested few days back. Once NIFTY leaves 4200, you may opt to pull the CALL part of the Straddle and keep the PUT part. Personally, I plan to keep both, as for such a low value of the CALL, you have all the protection in the world for your capital.
You may see a high volatility day today , if it opens above 4215, else a one sided market.
