Nifty Intraday Trading Zones

May 2, 2020

Nifty is facing a major resistance near its major supply zone @ 9850-10000. I am calling this zone as a major supply zone because on the higher time frame (weekly and monthly) this same zone will act as a major resistance (Shared Weekly and Monthly charts in the previous post).
On the downside the is a minor demand zone @ 9500-9580 then 9300-9420 and short turm major demand zone @ 8970-9000.

*According to the options data, there is the highest OI in call plus Max call OI chg% @ 10000. There is the highest OI in put @ 9500. One interesting thing in data that max chg% in put OI @ 9700.

*SGX nifty closed -640 point. Now as a trader my mindset is neither negative nor positive. I don't know where nifty will go. I have prepared my all-time frem charts and setup my trading plan. Now on Monday, I will act according to the trend.

*As per my trade plan upside is caped and I am not expecting next week's expery above 10000. Also according to the data If Nifty will sustain below 9500 then Put writers may come to close their position from 9700 and 9500 stricks. On Monday I will take a short position in OTM call writing. I will decide on the strick price once the market will open. I will take a short position in FUT only if it will be the downside trading day and risk to reword will in favor of my trade. I will update my trades in this post. If u follow this post you will the notification.

May 4, 2020

Trade active

SOLD 9600 CALL @ 30

May 4, 2020

Note

Carry this trade for tomorrow