Nifty 50 @ 17700 - Make or Break level? READ to know MORE....

Today's Rally was due to buying in Auto, Banks and metal stocks. Also FIIs bought 343 Cr while DII dumped 264 Cr, though the net was positive (79Cr.)


Nifty 50 has reached a crucial level 17722. There is a tough fight between bulls and bears at this level to mark their dominance.

Total Call OI: 6.66CR
Total Put OI: 6.55CR

Bulls are relatively a little strong, but the difference is not much. 17700 strike following are the Call OI and Put OI.
Total Call OI: 91.85CR
Total Put OI: 1.14CR

It's important to keep a close watch on these levels and nearby strike prices to determine the next move in the market.
VIX as of today has ended lower, which confirms the positive direction of the market.

Also, the candle stick pattern with a higher High and Higher Low plus a small body with a long bottom shadow signals a positive opening with an up-move. But as I mentioned, the market is still at a crucial juncture, and better to trade with limited quantities with strict stop loss or hedging options, until the levels are established clearly for further trades.

Possible Trading Levels:
UPSIDE TRADE:
Buy only above 17750 >>>>> Buy ITM 17700 CE. (TGT 17800 | SL 17680)
DOWNSIDE TRADE:
Sell only below 17700 >>>>> Buy ATM 17700 PE (TGT 17650 | SL 17740) - Risky traders can TGT 17600.

Things to account for 13 APR 2023:
1. HDFC Bank: The country's largest private sector lender has proposed to raise funds worth Rs 50,000 crore via bonds over the next 12 months through private placement. The board will consider the said proposal on April 15. This is after SBI recently announced raising funds via bonds. This means more cash flow for banks in the coming days, whereby lending activities will be intensified. This can be positive news for the stock and Bank Nifty.

2. The upcoming CPI inflation data is expected on Wednesday to be @6% which is the upper tolerance level for RBI. This will be positive news if it remains up to 6%.


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:

For those who followed the buy trade: Safe to book profit @ 17780. Risky traders can hold positions up to 17800.

Trade closed: target reached:

For buy trade given above 17800 Target achieved.

Comment:

We were accurate in our trading strategy and hope you all could benefit from this analysis. Have a wonderful evening.