Nifty...The Invicible Phoenix!! 6 attempts to break 16930 Failed
Telah dikemas kini
Crazy rebound from Nifty Guys. So, Nifty rebounded from the Black line - this line acted as a Resistance last year, and this year so far, it acted as a support.
There've been 6 attempts to break 16900-16930 level on a Weekly Time Frame. 6th attempt this week (let's see what happens by Friday).
I'm wary to confirm if Nifty is in Buy zone yet. Only reason being not observing much Put selling by the Option sellers today. Such a selling would have been kind of an assurance that today's move was strong and sustainable. Let's see how Nifty moves.
Upside Moves:
We've an immediate resistance at 17360, and 17444, 17555 post that.
Downside Moves:
Remember, Nifty is invincible :) so be sure and have a stop loss before you Short the Index. Nifty Support levels are 17245, 17160, 17080.
Good Luck and STay safe.
Disclaimer
- The view expressed here are my personal views. We're not SEBI registered Analysts.
- Always have a STOP LOSS, particularly when you trade options.
- Past performance is not a guarantee for future predictions
- Use this for educational purpose
- Any decision you take, you need to take responsibility for the same
- It's your hard earned money. Treat it wisely
- Trade / Invest keeping in mind your trading style, goals and objectives, time horizon & risk tolerance
- if trading in F&O, understand that F&O trading involves risk
- Do take proper risk management measures
- Do your own analysis and consult your financial adviser if need be
There've been 6 attempts to break 16900-16930 level on a Weekly Time Frame. 6th attempt this week (let's see what happens by Friday).
I'm wary to confirm if Nifty is in Buy zone yet. Only reason being not observing much Put selling by the Option sellers today. Such a selling would have been kind of an assurance that today's move was strong and sustainable. Let's see how Nifty moves.
Upside Moves:
We've an immediate resistance at 17360, and 17444, 17555 post that.
Downside Moves:
Remember, Nifty is invincible :) so be sure and have a stop loss before you Short the Index. Nifty Support levels are 17245, 17160, 17080.
Good Luck and STay safe.
Disclaimer
- The view expressed here are my personal views. We're not SEBI registered Analysts.
- Always have a STOP LOSS, particularly when you trade options.
- Past performance is not a guarantee for future predictions
- Use this for educational purpose
- Any decision you take, you need to take responsibility for the same
- It's your hard earned money. Treat it wisely
- Trade / Invest keeping in mind your trading style, goals and objectives, time horizon & risk tolerance
- if trading in F&O, understand that F&O trading involves risk
- Do take proper risk management measures
- Do your own analysis and consult your financial adviser if need be
Nota
Want to emphasize that the Black line turned from Resistance to Support on the 1st Trading Day of this Year, and was tested twice so far.Nota
For now, 17360 or 17387- This should be your SL, when you short nifty.Nota
Also, did you notice how sellers are enthusiastically selling away Calls for strikes >= 17500 ? This was missing yesterday when nifty was rebounding(check my prev post). So, keep a watch on OI changes.one point, you'll always see sellers on both put and call side.But the OI changes (low or high) do give out some information. There's always a chance that one might misread the OI changes or come to a conclusion too quickly. Monitoring the changes will definitely help.
Penafian
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