Verdict: Sideways
Plan of action:
Sell 51500 CE and Sell 51500 PE (Hedge position)
adjust according to the price action on given levels.
As we discussed Bankanifty, Bankanifty opened up +220 points and ended up sideways the whole day.
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: 51762, 50 EMA and 200 EMA
.
If we look at the OI data:
PCR = 0.6, which has increased from 0.5, shows bulls are adding PE in lower levels. The market has good PE writing at 51000, which is going to provide good support, and 51500 is going to provide good resistance as having very nice CE writing on a higher level.
I have neutral behavior in the market.
Reason:
Verdict: Sideways
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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