Market View: Market is in oversold zone; global cues remain negative even after sharp sell-off seen in last week. Technical indicate bounce back on chart, we would prefer to play long via options & prefer to reduce position on rise.
Nifty PCR @ 0.74 does indicate oversold zone, after today’s gap-down & around support level of 16124 on Nifty – it could provide favourable risk-reward to go long. To play any long we would prefer to play via hedge position as overall trend reman sell on rise for the month of May 2022.
VIX @ 21.25: closing above 20 would be cautious and in case VIX above 25 could be highly volatile.
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