Banknifty Trase Setup fro 23.08,22 with intraday levels
Market is in a stage where you confidently cannot take any directional view even though the fall seems to be quite straightforward. Banknifty had no movement after the initial 15-30 mins as compared to nifty which had a more steady fall. It had opened below our shorting level of 38855 and was a good candidate for short. I usually do not take a trade immediately after opening. So I had to sit through the whole day without wetting my beak. There is considerable writing in the 38500 CE which has two implications. It would be very tough to crack this level in the very short term and once it is broken, the movement will be massive due to short covering. But for now market is in a correction mode even though it is not an easy short due to the fear of resuming the bull trend.
Technically 37000 is possible on the downside but it would be very hard to take that trade. For now 38000 is the next target. Under no circumstances you should take a long trade unless 39000 is broken on the upside. For scalping a long side trade can be taken above 38400.
Dow futures is in deep red which supports our view.
Conviction bearish
Bias bearish
Trading Ideas
Long above 38400 Target 38500
Short below 38230 Target 38000
>>Option buying
Long Position: Buy 38500CE
Short position: Buy 38000 PE
>>Option Selling
Sell 38500 CE with 30 point SL (if you have sold this strike before keep trailing the SL)
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Standard Disclaimer
Trading stocks, options and other securities involves risk.
The risk of loss in trading securities can be substantial.
The risk involved with trading stocks, options and other securities are not suitable for all investors.
The information presented in this educational material is not intended to be
used as the sole basis of any investment decisions, nor should it be construed
as advice designed to meet the investment needs of any particular investor.
Nothing in this course constitutes legal, accounting or tax advice, or
individually tailored investment advice.
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*Channel Disclaimer/ disclosure*
No tips
No advice
No recommendation
No PMS advisory
This channel do not provide any tips/recommendations/advice
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Technically 37000 is possible on the downside but it would be very hard to take that trade. For now 38000 is the next target. Under no circumstances you should take a long trade unless 39000 is broken on the upside. For scalping a long side trade can be taken above 38400.
Dow futures is in deep red which supports our view.
Conviction bearish
Bias bearish
Trading Ideas
Long above 38400 Target 38500
Short below 38230 Target 38000
>>Option buying
Long Position: Buy 38500CE
Short position: Buy 38000 PE
>>Option Selling
Sell 38500 CE with 30 point SL (if you have sold this strike before keep trailing the SL)
-------------------------------------------
Standard Disclaimer
Trading stocks, options and other securities involves risk.
The risk of loss in trading securities can be substantial.
The risk involved with trading stocks, options and other securities are not suitable for all investors.
The information presented in this educational material is not intended to be
used as the sole basis of any investment decisions, nor should it be construed
as advice designed to meet the investment needs of any particular investor.
Nothing in this course constitutes legal, accounting or tax advice, or
individually tailored investment advice.
WE ARE NOT RESPONSIBLE FOR ANY GAINS OR LOSSES YOU MAKE.
WE ARE NOT SEBI REGISTERED.
*SEBI Mandatory Guidelines*
*Channel Disclaimer/ disclosure*
No tips
No advice
No recommendation
No PMS advisory
This channel do not provide any tips/recommendations/advice
All updates/posts/discussions are only for education and learning purpose.
Do Consult your financial advisor before taking trading or investing decisions
Group Admin or Members not responsible for any financial losses
Disclaimer/disclosure/terms and conditions applicable to all members of this channel
All rights are reserved
