Nifty held 6250 zone and midcap index bounced back sharply after a major break down and this can be a sign of reversal the advance:decline ratio was on the positive side too.Bank nifty plays a key role in defining the strength of the breakout as it has to surpass 11200 mark soon for any meaningful breakout in nifty. If nifty is able to cross the hurdles on the upside go with those banks which have completed the correction phase like YES bank and Axis bank. Options data is showing a bullish view on the market as 6200 and 6300 put strikes have added close to 35 lakh in today's trade. As nifty is able to hold 6200 levels quite strongly put writing is heavy we could see nifty taking some time and heading towards the upward territory. One more important data that has to be watched is the premium in nifty, and the low premium when there is enough time for expiry is quite unusual.Till date we could see around 6 lakhs calls on the short side but today lot of 6200 and 6400 calls got covered and 6300 put got written in huge quantities. Thus lets wait for a 6350+ or 11200+ levels in bank nifty and till then the trend is down.
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