Banknifty view for 30 Novemeber 2023

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

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