Bank Nifty Options 1 Feb 2020 Budget Day Special
As discussed Bank Nifty broke our resistance at opening tick , tried to break out but failed due to supply gaps from yesterday. Bank Nifty broke 30864 and within 10 minutes entered the decision range around 30690. We were the first ones to catch the bottom tick today and went long with 31100 CE around 325. Call made a low at 319 and flew to 420+ by mid day. Live trades were posted at social media platforms.
As we all know that Budget day will be volatile. I will at the onset warn low risk traders and low capital traders to simply stay away and don't get greedy. You will not make money but lose what you have in big swings.
Anyways I'll not post exact entry levels but give you a rough idea where supports can be.
Decision Point
30875
Support for this special volatile session
30330
Resistance for this particular session
31193
Expectation
Extremely volatile with both ends being tested
My trade
I'll blindly short puts at support
Real time update
I'll try to update on social media platforms whenever I get time
As we all know that Budget day will be volatile. I will at the onset warn low risk traders and low capital traders to simply stay away and don't get greedy. You will not make money but lose what you have in big swings.
Anyways I'll not post exact entry levels but give you a rough idea where supports can be.
Decision Point
30875
Support for this special volatile session
30330
Resistance for this particular session
31193
Expectation
Extremely volatile with both ends being tested
My trade
I'll blindly short puts at support
Real time update
I'll try to update on social media platforms whenever I get time
Trade active:
Sold 30100 PE @ 320
Trade closed manually:
Covered @ 212