Verdict: Neutral
Plan of action:
Sell 23950 CE and 23950 PE and adjust your position as per the price action at 23950.
As we discussed yesterday, the market opened at -250 points and spent the whole day sideways in a tight range.
If we look at the chart now:
The market is at a crucial point that can provide good support. Also, the price is very far from the EMAs, which might retrace to the EMAs. The market might reverse from this point. Right now, the market is neutral.
Support levels: 23772, 23488, 23363
Resistance levels: 24339, 200 EMA, 24682
If we look at the OI data:
PCR = 0.7, which has increased from 0.4, shows put addition at the lower level. 24000 has good support and resistance points. This is going to work as max pain. As it’s the start of the week, OI won’t play much of a role.
I am expecting
Case 1: Bullish if take support at 24950.
Case 2: Bearish if it breaks the level 24950 to the downside.
Reason:
Verdict: Neutral
Plan of action:
Sell 23950 CE and 23950 PE and adjust your position as per the price action at 23950.
Disclaimer:
The information provided in this blog post is for informational purposes only. It is not intended as financial, investment, or trading advice. The author is not a licensed financial advisor or professional.
Trading and investing in financial markets carry inherent risks, and past performance is not indicative of future results. Readers should conduct their research, consider their risk tolerance, and consult with a qualified financial advisor before making any trading or investment decisions.
The author is not responsible for any financial losses or gains that may result from actions taken based on the information presented in this blog post. All trading and investment decisions are made at the reader’s own discretion and risk.
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