As we discussed, BANKNIFTY opened sideways and went bearish for 1 hour. After that, it started recovering and touched 52990, almost near the given target, and fell in the last hour.
If we look at the chart now:
The market is trading at an all-time high. In the last 30 minutes, the market made correction. I am expecting some more corrections in upcoming trading sessions.
Support levels: 52393, 50 EMA, and 51830
Resistance levels: 53000 and 53500
If we look at the OI data:
PCR = 1.32, which has changed from 1.61, shows bears are making their position in the 53000 level. So, some correction can be expected here. 53000 is Max-Pain. On the lower side, 52500 has good PE writing, and on the higher level, 53500 has good CE writing. That market has a huge range to move, which might lead the market to good volatility.
I am expecting a volatile move in the range of 52393 - 53000.
Reason:
Verdict: Sideways or Bullish
Plan of action:
Sell 52850 CE and Sell 52850 PE (Hedge it with 20/- premium)
Exit opposite position; either side of the market breaks.
If we look at the chart now:
The market is trading at an all-time high. In the last 30 minutes, the market made correction. I am expecting some more corrections in upcoming trading sessions.
Support levels: 52393, 50 EMA, and 51830
Resistance levels: 53000 and 53500
If we look at the OI data:
PCR = 1.32, which has changed from 1.61, shows bears are making their position in the 53000 level. So, some correction can be expected here. 53000 is Max-Pain. On the lower side, 52500 has good PE writing, and on the higher level, 53500 has good CE writing. That market has a huge range to move, which might lead the market to good volatility.
I am expecting a volatile move in the range of 52393 - 53000.
Reason:
- RSI = 60 falling and also having divergence, which might lead the market to some correction.
- Price > EMA(13, 50, 200), which indicates the bull market.
- PCR = 1.32, which shows the market is strongly bullish.
- Price > VWAP shows a bull market structure.
Verdict: Sideways or Bullish
Plan of action:
Sell 52850 CE and Sell 52850 PE (Hedge it with 20/- premium)
Exit opposite position; either side of the market breaks.
Nota
Today market is very zig-zag better to stay away.
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Penafian
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Penerbitan berkaitan
Penafian
Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.