Nifty Bank and Nifty50 opened with a GAP-DOWN position around 35350 and 16610 respectively. The gap was heavily influenced by the negative sentiments due to ongoing due to Russia Ukraine geo-political crises, as various sanctions imposed on Russia jeopardizing the supply of crude and various other commodities . In spite of the gap the market did recover towards the closing hour as speculations came around second round of peace talks between Russia & Ukraine; ergo, the Nifty index settled around 16,605.95; down by 1.12% and Nifty Bank index settled around 35370.80; down by 2.30%
We further saw a downtrend movement till 1245 hrs where we made a few booking in PUT options and took successful exits. At this Time we witnessed a classic bull trap where the downtrend breached the support point at 34950.00 and at next 2-3 candle we saw huge green jump indicating a trap. A similar second trap spotted at 1415 hrs alongside forming double bottom at 34900 Indicating a confirmed "BULL TRAP" and a possible Long Position.
Trades We took Today
35400 PUT - 356 to 485
35200 PUT - 390 to 450
35100 CALL - 460 to 480
34900 PUT - 410 to 450
35000 CALL - 390 to 490
35000 CALL - 432 to 421
34900 PUT - 330 to 380
35000 CALL - 385 to 700
To Summarize, We were able to get some good positions in both CALL and PUT Options.
For Tomorrow We expect a gap up opening at approximately 1% up from todays closing subjected to overnight market sentiments and global geopolitical stability. The marked levers show support resistance points and zones where possible price movement could be seen.
We can experience a possible upside movement till 35950 where if uptrends continues we can see next target at 36300. In Case of a reversal we can expect a downward movement till 35500.
Setup for 3rd March
Buy Above 35800 with targets of 35950 | 36300
Sell Below 35500 with target of 34750
All positions today were booked using in house developed Indicator - Capovex Core.
Views are purely educational in nature. You are solely responsible for any decisions you take on basis of my research.
We further saw a downtrend movement till 1245 hrs where we made a few booking in PUT options and took successful exits. At this Time we witnessed a classic bull trap where the downtrend breached the support point at 34950.00 and at next 2-3 candle we saw huge green jump indicating a trap. A similar second trap spotted at 1415 hrs alongside forming double bottom at 34900 Indicating a confirmed "BULL TRAP" and a possible Long Position.
Trades We took Today
35400 PUT - 356 to 485
35200 PUT - 390 to 450
35100 CALL - 460 to 480
34900 PUT - 410 to 450
35000 CALL - 390 to 490
35000 CALL - 432 to 421
34900 PUT - 330 to 380
35000 CALL - 385 to 700
To Summarize, We were able to get some good positions in both CALL and PUT Options.
For Tomorrow We expect a gap up opening at approximately 1% up from todays closing subjected to overnight market sentiments and global geopolitical stability. The marked levers show support resistance points and zones where possible price movement could be seen.
We can experience a possible upside movement till 35950 where if uptrends continues we can see next target at 36300. In Case of a reversal we can expect a downward movement till 35500.
Setup for 3rd March
Buy Above 35800 with targets of 35950 | 36300
Sell Below 35500 with target of 34750
All positions today were booked using in house developed Indicator - Capovex Core.
Views are purely educational in nature. You are solely responsible for any decisions you take on basis of my research.
Capovex InvTech Limited