Nifty 50 Options Trading Analysis for 21/09/23
Key Points:
Nifty 50 is likely to remain bearish in the short term, with support levels at 19980, 19800, and 19720.
Resistance levels are at 19954, 20045, and 20107.
If Nifty 50 breaks below 19866, more downside fall is possible.
If Nifty 50 breaks above 19954, it may face resistance at 20045 and 20107.
Trading Strategy:
Long: Traders can go long in Nifty 50 options if it breaks above 19954 with a stop loss below 19866.
Short: Traders can go short in Nifty 50 options if it breaks below 19866 with a stop loss above 19954.
Risk Management:
Traders should always use stop losses and risk management techniques when trading options. It is important to remember that options are a leveraged product and can result in significant losses if not traded carefully.
Disclaimer:
This is not a financial advice and traders should always do their own research before taking any trading decisions.
Additional Notes:
Nifty 50 is expiring on 21/09/23, so traders should be extra cautious while trading options on this day.
It is advisable to book profits early and avoid holding any overnight positions on the expiry day.