Plan of action:
Sell 24200 CE and Sell 24200. PE holds it in the range.
Exit one leg if it breaks to one side.
If we look at the chart now:
The market is trading at 50 EMA (1D-tf) and 200 EMA (4H-tf) resistance levels. Also, the market has given good bullish momentum today. Tomorrow might be a small side day. Also, the market is trading near the resistance level, which is going to provide good resistance. Important levels and trendlines have been marked on the chart.
Support levels: 200 EMA, 23950, 50 EMA (23800)
Resistance levels: 24167, Trendline (PINK), 24330
If we look at the OI data:
PCR = 1.2, which shows a good bullish structure in the market. The market has 24200 as max pain. As it is the very beginning of the weekly expiry, OI data is not going to play a very crucial role. Lower sides 24000, 23900, and 23800 have very good PE writing, so bulls are quite strong on lower levels. On higher levels, 24500 has good CE writing, which is going to provide good resistance.
I am expecting
The market is to be sideways unless it breaks the PINK trendline.
Reason:
Plan of action:
Sell 24200 CE and Sell 24200. PE holds it in the range.
Exit one leg if it breaks to one side.
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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