As said in FNO cues 1107,
3150 is the level of control , bulls controlled it. Also it was said that there is excessive pessism at lower levels which means that many puts were sold at lower strikes.Mind u when there is excessive pessism mkt rises.
3200 level was asked to watch, bulls have just touched that level on higher side.
Though almost everyone was feeling that market will fall today,market rosed.
This is the benefit of watching and monitoring fno data, specially options.
Weekly charts gave a weekly reversal, their was air of bearishness everywhere, but as fno data showed me high high put options being sold at lower levels so i was of the view that that mkt will rise,
How strong are hedge funds?
Just see they did not allow weekly low to break
Please take note of this, I am not blowing my trumpets nor i am trying to say that i m smart enough.
Please take note that whatever i m saying is my personal thought and not a trading advice. Do not trade on the basis of my post and thoughts .Do not trade on the basis of whatever i say.