Nifty is giving range bound sessions and as said 20-24 Dec would be key dates for deciding major moves in the indices.Stocks have performed much better than nifty and our mentioned portfolio of stocks are doing decent enough in this range bound market. Market breadth was positive in favor of advancing counters and we could see this as a good sign of bull market. As mentioned S&P has completed a rising wedge (a bearish pattern) which could have a negative effect on other markets too so it is wise to take care of your long positions. Nifty is moving in a consolidation phase rather than a corrective one.Volatility index is giving an uptick ahead of the state polls and one could see some major moves are happening in the index options.We could see some writing happening in 6100 put and 6400 call and it could be the shorter range of market for the short term and punters might have written a combined premium of around 190-200 points premium which is quite huge. Thus wait for the premium to reduce and traders might shift to other strikes soon.It is better to avoid options trades as this moment as trades might get stuck up in trades.
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