Nifty Bank IndexLong
Bank Nifty options 9 Dec 2019
As discussed yesterday , we tried buying calls near our support zone of 31520 , however market broke the support without holding it for even 15 min. We booked losses and then market never went above support zone and decision range was out of question for whole day. Rest of the day bank nifty trended downwards unabated as multiple trendlines got smashed along with high call writing.
Decision Range for the day
31422-31567 ( might test 31567 on Monday )
Support for the day
31099
Resistance for the day
31737
Expectation
Initial rally might get sold and late hour sharp upmove
My trade
I'll be short puts at support of 31099. However, if market breaks the decision range , I'll go long calls.
Mondays are historically not very good for Indian markets so I'll wait for Tuesday for any aggressive positions on long side.
Decision Range for the day
31422-31567 ( might test 31567 on Monday )
Support for the day
31099
Resistance for the day
31737
Expectation
Initial rally might get sold and late hour sharp upmove
My trade
I'll be short puts at support of 31099. However, if market breaks the decision range , I'll go long calls.
Mondays are historically not very good for Indian markets so I'll wait for Tuesday for any aggressive positions on long side.
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