Bank Nifty options 29 Nov 2019

Nov 28, 2019

As discussed yesterday 31024 was final resistance for the day and we tried shorting calls. Market dropped for the only time in the day from 31040 and moved up to break resistance for the day and kept trading above the resistance which acted as support whole day. Market never went below our decision range so no put trades were executed , however, we had to bear some losses shorting calls when market broke through our resistance level. Rest of the day was choppy and there was never any real trading opportunity as market never broke the resistance now turned support from top.

Decision Point range for 29nov 2019
32028-32091
Resistance for the day
32218
Support for the day
31807

Please note : If resistance of the day turns into support , we hit back when that is broken , for eg. today 31024 was never broken so it was pretty sure short sellers are not making a penny today.

My trade
I'll try to sell otm calls near 32218 ( +- 25 ) and wait to cover when market enters the pivot range. Any break below pivot range will see aggressive selling where puts will get activated , I'm not sure at the moment whether I'll short futures or buy puts and will decide tomorrow.