Nifty 50 rose quickly close to 1000 points over the past few weeks without any retracement until Thursday and Friday which showed some profit booking and long unwinding. This was expected as the resistance was quickly breached without retracement.
Monday trade and the week are expected to be range bound between 17800 on the upper side and 17500 on the lower side. If either of these levels is breached, it can offer buy/sell opportunities.
Short-Term Levels:
Resistance: 1.62 CR Call OI buildup @ 17700 level (STRONG RESISTANCE AT 17700 LEVEL).
Support: 0.84 CR Put OI buildup @ 17600 level.
17600 seems to be a crucial level (make or break level)
Longterm levels:
Strong resistance at 18500 levels (1.25 CR Call OI Buildup). There is also strong support build-up at 17000 levels (0.94 CR Put OI buildup)
It's important to keep a close watch on these levels and nearby strike prices to determine the next move in the market.
Interestingly though VIX closed lower the index dropped, which calls us to watch VIX closely for further trades. Overall sentiment seems slightly bullish, but it's important for the index to retain its position above 17600 levels to regain strength in the index.
Also, the candle stick pattern shows weakness from the buying side over the past week. Do trade in limited quantities with strict stop loss or hedging options. Wait for the aforementioned levels for pure positional trades.
Possible Trading Levels:
Important levels to keep in mind:
17800 on the upside and 17500 on the downside. Breach of any of these levels will further encourage positional trades.
UPSIDE TRADE:
Buy only above 17650 >>>>> Buy ITM 17600 CE. (TGT 17710 | SL 17600) - Risky traders can TGT 17750
DOWNSIDE TRADE:
Sell only below 17600 >>>>> Buy ITM 17650 PE (TGT 17550 | SL 17650) - Risky traders can TGT 17520.
Things to account for 24 April Thursday 2023 (Weekly Expiry):
1. Reliance results. This is expected to be positive news and can really impact trading on 24th APR. Yet to see how RNEL merger news might impact further during trading.
2. ICICI Bank Q4 Result was declared on the 22nd and standalone Profit jumped 30%. BSE closed 0.8% lower on Friday before the result announcement. This being positive news, stock can expect some buy on Monday.
3. Indusind Bank will declare results expected to be declared on the 24th.
Trading is risky, and it is advised to consult a financial advisor prior to trading. These are purely my opinion based on my trading experience and exercise caution while trading. Many of these strategies are subject to adjustments as per market movements as markets are dynamic and change due to several factors.
If you require a financial advisor to assist you with investing or trading needs, please contact us using the comments section.
HAPPY TRADING!!!
Monday trade and the week are expected to be range bound between 17800 on the upper side and 17500 on the lower side. If either of these levels is breached, it can offer buy/sell opportunities.
Short-Term Levels:
Resistance: 1.62 CR Call OI buildup @ 17700 level (STRONG RESISTANCE AT 17700 LEVEL).
Support: 0.84 CR Put OI buildup @ 17600 level.
17600 seems to be a crucial level (make or break level)
Longterm levels:
Strong resistance at 18500 levels (1.25 CR Call OI Buildup). There is also strong support build-up at 17000 levels (0.94 CR Put OI buildup)
It's important to keep a close watch on these levels and nearby strike prices to determine the next move in the market.
Interestingly though VIX closed lower the index dropped, which calls us to watch VIX closely for further trades. Overall sentiment seems slightly bullish, but it's important for the index to retain its position above 17600 levels to regain strength in the index.
Also, the candle stick pattern shows weakness from the buying side over the past week. Do trade in limited quantities with strict stop loss or hedging options. Wait for the aforementioned levels for pure positional trades.
Possible Trading Levels:
Important levels to keep in mind:
17800 on the upside and 17500 on the downside. Breach of any of these levels will further encourage positional trades.
UPSIDE TRADE:
Buy only above 17650 >>>>> Buy ITM 17600 CE. (TGT 17710 | SL 17600) - Risky traders can TGT 17750
DOWNSIDE TRADE:
Sell only below 17600 >>>>> Buy ITM 17650 PE (TGT 17550 | SL 17650) - Risky traders can TGT 17520.
Things to account for 24 April Thursday 2023 (Weekly Expiry):
1. Reliance results. This is expected to be positive news and can really impact trading on 24th APR. Yet to see how RNEL merger news might impact further during trading.
2. ICICI Bank Q4 Result was declared on the 22nd and standalone Profit jumped 30%. BSE closed 0.8% lower on Friday before the result announcement. This being positive news, stock can expect some buy on Monday.
3. Indusind Bank will declare results expected to be declared on the 24th.
Trading is risky, and it is advised to consult a financial advisor prior to trading. These are purely my opinion based on my trading experience and exercise caution while trading. Many of these strategies are subject to adjustments as per market movements as markets are dynamic and change due to several factors.
If you require a financial advisor to assist you with investing or trading needs, please contact us using the comments section.
HAPPY TRADING!!!
Trade closed: target reached:
TARGET ACHIEVED: TGT 17700
UPSIDE TRADE:
Buy only above 17650 >>>>> Buy ITM 17600 CE. (TGT 17700 | SL 17600) - Risky traders can TGT 17750
UPSIDE TRADE:
Buy only above 17650 >>>>> Buy ITM 17600 CE. (TGT 17700 | SL 17600) - Risky traders can TGT 17750
Trade closed: target reached:
TARGET ACHIEVED: TGT 17710 (Risky to hold for any target above this level)
UPSIDE TRADE:
Buy only above 17650 >>>>> Buy ITM 17600 CE. (TGT 17700 | SL 17600) - Risky traders can TGT 17750
UPSIDE TRADE:
Buy only above 17650 >>>>> Buy ITM 17600 CE. (TGT 17700 | SL 17600) - Risky traders can TGT 17750
Trade closed: target reached:
TARGET ACHIEVED: TGT 17750
UPSIDE TRADE:
Buy only above 17650 >>>>> Buy ITM 17600 CE. (TGT 17700 | SL 17600) - Risky traders can TGT 17750
UPSIDE TRADE:
Buy only above 17650 >>>>> Buy ITM 17600 CE. (TGT 17700 | SL 17600) - Risky traders can TGT 17750