Closing Range - 19572/19805
Extended range - 19488/19889
The volumes have returned to the market. Short covering on 10th Oct has given the momentum Nifty needed to get back into the uptrending channel. But I will wait for another day's candle before concluding on direction bias for Nifty. Especially since PCR is aruond 1.3 now, giving an indiation of an oversold market. 19770 & then 19810 will act as a resistance on the upside. Downside seems restricetd to 19425.
Possible trade can be a long side if we see shortcovering once 19800 is crossed on an hourly time frame but with a SL since PCR is around 1.3. Keep strict SL maintaint a risk reward ratio of 1:2.
P.S. - 0.5%-1% return on capital can be considered good in intraday.
Extended range - 19488/19889
The volumes have returned to the market. Short covering on 10th Oct has given the momentum Nifty needed to get back into the uptrending channel. But I will wait for another day's candle before concluding on direction bias for Nifty. Especially since PCR is aruond 1.3 now, giving an indiation of an oversold market. 19770 & then 19810 will act as a resistance on the upside. Downside seems restricetd to 19425.
Possible trade can be a long side if we see shortcovering once 19800 is crossed on an hourly time frame but with a SL since PCR is around 1.3. Keep strict SL maintaint a risk reward ratio of 1:2.
P.S. - 0.5%-1% return on capital can be considered good in intraday.
Comment:
Activity at 19800 strike in the last 1 hour -
1. 9.5L call added
2. 11.3L puts are unwound
Trade safe.
1. 9.5L call added
2. 11.3L puts are unwound
Trade safe.
Comment:
Though option chain appears balanced, overall 1.2 Cr fresh Puts are written at 19800 strike today. Fresh writing should always be respected. Expiry volatility seems to have begun today only :}
Doesn't look like this is a market to short. Please hedge your positions in case you are carrying shorts for tomorrow.
Doesn't look like this is a market to short. Please hedge your positions in case you are carrying shorts for tomorrow.
Trade closed: target reached:
NIfty movement replicated our forecast yesterday. It went into the upwards channel but came down and closed just below it. Hope you guys had a profitable day today.
SL Mandatory.