23 Jan 2023 1900 Hrs 1. US , Europe and Asia are looking positive. 2. India VIX is at very low @13.5 indicating bullishness range bound and options with very less premium. 3. We have a truncated expiry this week on 25 Jan 2023. Tomorrow is Fin Nifty expiry also. So market may remain volatile and range bound tomorrow. 4. HDFC Bank is very bullish but the trend has been to open gap up and then prices tend to taper down. 5. ICICI bank post result has been very volatile making an intraday move of almost 25 points or 2.5 % 6. Reliance is bearish with an intra day move of 1.5% 7. Highest call OI for nifty is at 18100 followed by 18200. Highest put OI is at 18100. So option writers have straddle at 18100. 8. In Bank Nifty highest call OI is at 43000 followed by 42900. Highest Put Oi is at 42000 followed by 42500. 9. SGX Nifty is showing 24 points uptick at 18170 which is again a strong resistance. 10. With HDFC twins remaining bullish and ICICI and Reliance remaining bearish on chart, we may see a range bound move in both nifty and bank nifty tomorrow. Trading Plan. 1. Market is gapping up and then slowly loose all the gains of morning. 2. This type of move will only help people who have sold straddles . 3. There will be hardly any move in the premium of the indices making it it very difficult for option buyers to trade. 4. with just 2 days left for expiry, we may see very little move in options either way. 5. Range for nifty will be 18170 -18070 6. For Bank Nifty range will be 42925 - 42700. 7. Any break of these ranges will benefit option buyers. 8. I will remain neutral and avoid impulse buying.
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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.