Nifty may bounce another 80-100 points, says Jai Bala of Cashthechaos
Jai Bala of cashthechaos.com is of the view that the current rally could take the Nifty above 11,000 level to 11,100-11,200 but post that it could dip below Monday’s low.
Jai Bala of cashthechaos.com is of the view that the current rally could take the Nifty above 11,000 level to 11,100-11,200 but post that it could dip below Monday’s low. This will complete the short-term price structure. So this rise could be an opportunity to sell, he said.
“The market in the extreme short-term is giving some short covering,” he told CNBC-TV18 in an interview.
According to him, for extreme short-term traders 80 points is also an opportunity to make money but markets are going to be little less forgiving for long trades. “All through the decline of July-August,
"Someone who is a day trader or has 1-2 day time frame, 80-100 points in Nifty is a big deal but if one is slightly risk averse you might buy out of the money puts as market goes up. So one can build on put positions from current levels up to 11,100," said Bala.
“The bare minimum is for the Nifty to drop below 2018 lows of 10,004 levels and once that happens, the index would drop close to 9,600-8,800.
First Published: Aug 6, 2019 3:25 PM IST
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