Verdict: Neutral
Plan of action:
Sell 51500 CE and Sell 51500 PE (Hedge position)
adjust according to the price action on given levels.
As we discussed yesterday, the market opened at -500 points and spent whole days sideways volatile moment.
If we look at the chart now:
The market is trading at 1H-TF 0.618 fib level, which is a good point to support. It also did hold today nicely.
Support levels: 51138, 50719.
Resistance levels: 52075, 52378, and 52833
.
If we look at the OI data:
PCR = 0.5, which has decreased from 0.9, shows bearish market behavior. The market has good CE and PE writing at 51500, which is going to provide maximum pain. On higher levels, the market has good CE writing at 52000 and 52500, which is going to provide a very good resistance point. On Lover, levels 51500 and 51000 have good PE writing, which is going to provide good support.
I have neutral behavior in the market.
Reason:
Verdict: Neutral
Plan of action:
Sell 51500 CE and Sell 51500 PE (Hedge position)
adjust according to the price action on given levels.
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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