FinNifty weekly expiry levels for 06/02/24.

Mambotrade Updated   
NSE:CNXFINANCE   Nifty Financial Services Index
FinNifty is trading in a no trading zone of 21200-21450. It has consolidated today and tomorrow being weekly expiry can give a trending move.

It is trading between both the moving averages on the daily time frame. Watch it take support around 200 ema, a short term bearish trend is confirm.

If the market opens gap up and takes rejection from the upper zone, good R:R ratio trade can be initiated with target of 21200.

In case of a gap down opening, there will be negative signs and position can be created below 21200 support zone.

Major bearish targets :- 20230, 20020

The market is trading in a volatile cycle and giving hard time to option buyers.

Option seller will enjoy the markets as the VIX is high (closing 6.5% higher).

Resistance levels for expiry :- 20450, 21560

Wait for the price action near the levels before entering the market.
It has consolidated on the expiry in a small range of just 150 points.

The market is showing some sideways momentum and is remain in a tight range.

Tomorrow is banknifty expiry and even finnifty can give a break out.

No trading zone :- 20230-20450

Avoid trading in this zone as market is choppy in this zone and taking the Stop losses.

Wait for the price action near the levels.



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