Chip and Dip Wednesday, page-2

SPI200 Commentary

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Sideways day on the SPI with a range of 60. SPI opened at 5170 then had a pop to 5180 which was the high for the day, it then fell down to 5138 at 11 then bounced back to 5165. Rest of the day was rangebound as SPI traded between 5145 and 5165 then closing at 5163. Due to the terror attacks during Europe hours the SPI fell down to 5120 but recovered during US trading to head back to 5165 then closing at 5156.

We have equity options expiry today so keep an eye on any pinning near the close. With the SPI being in sideways formation for the last 2 weeks and volatility dropping we shouldn't see much movement today as I think the market makers would have taken a lot of risk off the table heading into this expiry already. So I will look to play the ranges again today by buying around 5130 and selling around 5190