Nifty50 touched 17807 only to lose steam towards the last 30 minutes trade and ended 17769 (closer to high of 24th APR). Banking stocks were quite active in trade yesterday, but the heavyweights of Nifty were not getting enough buying.
FIIs sold 407 CR while DIIs bought 564 CR (Net positive of 157).
Today the market is expected to be in the range 17850 on the upper side and 17650 on the lower side.
Short-Term Levels:
Highest OI buildup for both Call (1.06CR) and Puts (1.29CR) are @ 17700 levels
Resistance: 0.79 CR Call OI buildup @ 17800 level
Support: 1.13 CR Put OI buildup @ 17600 level (STRONG SUPPORT @ 17600 LEVEL)
17600 still seems to be a crucial level (make or break level)
It's important to keep a close watch on these levels and nearby strike prices to determine the next move in the market.
Note that this being the last week of the monthly expiry followed by many companies declaring Quarterly results today and coming days, we can expect volatility in the market. Keep a close tab on VIX and make trading decisions accordingly.
As mentioned yesterday, overall sentiment still seems slightly bullish, but it's important for the index to retain its position above 17600 levels and cross 18200 levels to declare a bull run.
Chart Pattern:
Also, the green candle stick pattern with a Doji kind of formation and long wick at the top and bottom indicates indecisiveness in the market. But though the index is placed below the day's high but since it is above 200 DMA, signals a positive sign. The index must cross 18765 levels to see further upside. Do trade in limited quantities with strict stop loss or hedging options.
Possible Trading Levels:
UPSIDE TRADE:
Buy only above 17800 >>>>> Buy ITM 17750 CE. (TGT 17850 | SL 17750) - Risky traders can TGT 17875
DOWNSIDE TRADE:
Sell only below 17750 >>>>> Buy ITM 17800 PE (TGT 17700 | SL 17800) - Risky traders can TGT 17650.
Things to account for 26 April 2023:
1. Quarterly corporate earnings report for several companies:
Bajaj Finance, Can Fin Homes, HDFC Life, IIFL Finance, Indus Tower, KPIT Tech, L&T Tech, Maruti, Oracle Fin, Poonawalla Fin, SBI Life, Shoppers Stop, Supreme Petro, Syngene Intl, Tanla Platforms, UTI AMC, Voltas
2. DOW closes 344 POINTS, OR -1.02%, AT 33,530
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!!!
FIIs sold 407 CR while DIIs bought 564 CR (Net positive of 157).
Today the market is expected to be in the range 17850 on the upper side and 17650 on the lower side.
Short-Term Levels:
Highest OI buildup for both Call (1.06CR) and Puts (1.29CR) are @ 17700 levels
Resistance: 0.79 CR Call OI buildup @ 17800 level
Support: 1.13 CR Put OI buildup @ 17600 level (STRONG SUPPORT @ 17600 LEVEL)
17600 still seems to be a crucial level (make or break level)
It's important to keep a close watch on these levels and nearby strike prices to determine the next move in the market.
Note that this being the last week of the monthly expiry followed by many companies declaring Quarterly results today and coming days, we can expect volatility in the market. Keep a close tab on VIX and make trading decisions accordingly.
As mentioned yesterday, overall sentiment still seems slightly bullish, but it's important for the index to retain its position above 17600 levels and cross 18200 levels to declare a bull run.
Chart Pattern:
Also, the green candle stick pattern with a Doji kind of formation and long wick at the top and bottom indicates indecisiveness in the market. But though the index is placed below the day's high but since it is above 200 DMA, signals a positive sign. The index must cross 18765 levels to see further upside. Do trade in limited quantities with strict stop loss or hedging options.
Possible Trading Levels:
UPSIDE TRADE:
Buy only above 17800 >>>>> Buy ITM 17750 CE. (TGT 17850 | SL 17750) - Risky traders can TGT 17875
DOWNSIDE TRADE:
Sell only below 17750 >>>>> Buy ITM 17800 PE (TGT 17700 | SL 17800) - Risky traders can TGT 17650.
Things to account for 26 April 2023:
1. Quarterly corporate earnings report for several companies:
Bajaj Finance, Can Fin Homes, HDFC Life, IIFL Finance, Indus Tower, KPIT Tech, L&T Tech, Maruti, Oracle Fin, Poonawalla Fin, SBI Life, Shoppers Stop, Supreme Petro, Syngene Intl, Tanla Platforms, UTI AMC, Voltas
2. DOW closes 344 POINTS, OR -1.02%, AT 33,530
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 manually:
TARGET ACHIEVED - 17720 (Safe to book)
DOWNSIDE TRADE:
Sell only below 17750 >>>>> Buy ITM 17800 PE (TGT 17700 | SL 17800) - Risky traders can TGT 17650.
DOWNSIDE TRADE:
Sell only below 17750 >>>>> Buy ITM 17800 PE (TGT 17700 | SL 17800) - Risky traders can TGT 17650.