Nifty: Wheels on the Nifty go up and down
On September 28, it was suggested that Nifty is near 240 day EMA and that 17166-17320 zone might act as short term resistance and short term support being around 16300 odd levels.
Well, Nifty has made a high of 17187 thereafter and and now is back at it's 240 day EMA.
For the October month, Important Support and resistance levels going forward
Gap support 1 - 16653-16746
Gap support 2 - 16360-16490
- 50 day and 20 day EMA around 17270 and 17340 coinciding with Gap resistance zone at 17166-17320
The Short strangle strategy suggested on 28 September, which had a Net receivables of 181 points at that time; is currently valued at 125. That gives a profit of 56 points per strategy lot. We continue to hold and as long as Nifty is between 16300-17320 odd points, we would be passive in our trading approach.
Important levels to watch out for till 6th October 2022
16980 / 17062 / 17123 on the upside
16855 / 17733 / 17608 on the downside
Take care & safe trading...!!!
Disclaimer
- The view expressed here is my personal view
- Past performance is not a guarantee for future predictions
- I have been wrong in the past and can be wrong again in future too
- Use this for educational purpose
- Any decision you take, you need to take responsibility for the same
- It's your hard earned money. Treat it wisely
- Trade / Invest keeping in mind your trading style, goals and objectives, time horizon & risk tolerance
- if trading in F&O, understand that F&O trading involves risk
- Do take proper risk management measures
- Do your own analysis and consult your financial adviser if need be
Well, Nifty has made a high of 17187 thereafter and and now is back at it's 240 day EMA.
For the October month, Important Support and resistance levels going forward
Gap support 1 - 16653-16746
Gap support 2 - 16360-16490
- 50 day and 20 day EMA around 17270 and 17340 coinciding with Gap resistance zone at 17166-17320
The Short strangle strategy suggested on 28 September, which had a Net receivables of 181 points at that time; is currently valued at 125. That gives a profit of 56 points per strategy lot. We continue to hold and as long as Nifty is between 16300-17320 odd points, we would be passive in our trading approach.
Important levels to watch out for till 6th October 2022
16980 / 17062 / 17123 on the upside
16855 / 17733 / 17608 on the downside
Take care & safe trading...!!!
Disclaimer
- The view expressed here is my personal view
- Past performance is not a guarantee for future predictions
- I have been wrong in the past and can be wrong again in future too
- Use this for educational purpose
- Any decision you take, you need to take responsibility for the same
- It's your hard earned money. Treat it wisely
- Trade / Invest keeping in mind your trading style, goals and objectives, time horizon & risk tolerance
- if trading in F&O, understand that F&O trading involves risk
- Do take proper risk management measures
- Do your own analysis and consult your financial adviser if need be
Disclaimer
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.