I think the IT Stocks are Tired now. The Banking stocks should help NIFTY make a Top of around 6250, which would be 240 points from our MAX Pain of 6000
BANKNIFTY Resistance is at 11000. BANKNIFTY now trading some 3% below RESISTANCE. So another 3% possible for BANKNIFTY, which would roughly help 1.5% for NIFTY, which is another 80-90 points in NIFTY, which should take NIFTY to around 6230-6240, which would also be 240 points from the MAX PAin of 6000.
So those who are holding the 6000-6200 Pair, Try to get out at Cost. With the Current VOLT, I don't think we will be able to make profit in this pair but we should be able to Get out at cost. Those who want to Take a Little bit of Risk Can try Closing 6200CE around 100-120. Since the MAX Pain is at 6000 and the MAX Pain was not touched in the last down movement, it would be definitely Tested and So you can also the 6000 PE when the market moves down. that way we should be able to make some profit. Those who do not want to take any risk, Close the Pair at cost and go for another pair probably 6100PE-6300CE when the market is at 6230-6250.
Do not miss the opportunity to Go short when the market is above 6200+. Unless MAX Pain which is at 6000 changes to a Higher value., Go short for a Target of 6000.