FinNifty weekly expiry analysis for 03/09/2024.
Finnifty has been trading in a rising wedge pattern and is trading around the resistance zone of 23800.
For a while the market is being good for option seller and hitting option buyer hard. If the trend changes and market starts trading below 23680, a bearish trade can be entered with previous supports as targets.
In case the market give a break out of the resistance zone above, a small quantity trade can be initiated.
Major support zone is around 23280 and a quality bearish trade can be entered only once the levels is taken out.
Other levels for intraday trades are 23680, 23600, 23490
Resistance zone :- 23840, 23970
Wait for teh price action near the levels before entering the market.
Keep in mind premium decay will be there as tomorrow is the weekly expiry of the index.
For a while the market is being good for option seller and hitting option buyer hard. If the trend changes and market starts trading below 23680, a bearish trade can be entered with previous supports as targets.
In case the market give a break out of the resistance zone above, a small quantity trade can be initiated.
Major support zone is around 23280 and a quality bearish trade can be entered only once the levels is taken out.
Other levels for intraday trades are 23680, 23600, 23490
Resistance zone :- 23840, 23970
Wait for teh price action near the levels before entering the market.
Keep in mind premium decay will be there as tomorrow is the weekly expiry of the index.
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