Banknifty view for 30 Novemeber 2023

Updated

Today's market had a clear direction in the first hour, but now the market is a little bit risky. Those who made money in the morning should opt out of trading entirely.

However, the market might be sideways to bearish until 2 PM. Since today is the monthly expiry, its better to sell OTMs on a spike (44200 and 44700 with proper risk to reward).

There can be a gamma burst at 44270 and 44450, which can be an excellent scalping opportunity. However, I will refrain from buying calls until 2 PM - we might get a short covering rally.

I will be a spectator today selling far-away otms! Will only enter in case of a scalping opportunity.

Note

Try not to trade - at least buy options from now. Better not to lose or gain than to be sorry.

Note

We have a wide CPR today, and Bollinger bands are contracting. So, when there is a move, it will likely be a move with momentum. But today's move after 2 PM will be deceptive.

Trade active

Scalped from 44310 till 44260

Note

Taking a short trade instead of scalping was enticing but I refrained from doing so as per my view. See the green candle at 44300. It is a solid support.

Note

I believe the rally has started. Careful!

Personally I'm not taking any trades now

Note

Try not to trade. Overcome the temptation.

Note

There is a rally in the market, but I'm not entering any trade as calls are overpriced, and puts are discounted. A single red candle can wipe away all the capital. Best is to spectate and enjoy. Dont get FOMOd

Trade closed manually

I hope this view was helpful

pr0p

Also on:

Related publications

Banknifty Intraday View

by pr0p

Disclaimer

The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.