Bank Nifty Options 22 Jan 2020

As discussed today was a typical range day with market oscillating between support and decision range. I updated low at my channels to be 31870 odd and day high was around 31170.

I would like to share a funny short story here , my friend Venkat who was present with me at my office is also a legendary chartist and Elliott wave practitioner told me that this range will break to downside yielding 300-400 pts to shorts plus head and shoulder pattern and my trade of 31000 pe was trading around 165. He challenged me to cover this position in profit today. He told me come on big bear can you face the fury of wave 4 triangle leading to wave 5 collapse , to his surprise I closed position at 195 with 31000 pe closing at 183. he said come on how can your algorithm deduce it. I explained him the mathematical logic which was bank nifty remained afloat 80 pts above our support of 30777 therefore remained 80 pts below decision range which is why I updated to everyone , put your stop and go to sleep as it's going to be a range day.

Anyways everything went as expected , good day for everyone

Decision range

Support for the day
Resistance for the day

Trend day , 31140 might be tested
My trade
I'll try to sell puts near support

Real time update
Pvt channels will be updated asap , pub channels will be updated whenever I get time

Trade active: short 31000 pe @ 260 .
expecting 31300
expecting 30680 to hold for the day
Trade closed manually: Booked loss

Whatsapp/Telegram contact +31 647996002
Telegram handle = bigtrade21

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.