Short Market Report
Undying Bullishness with some range bound activity happened today. The conviction was fruitful. The only problem was buying index was not possible coz most of the bullishness was exhausted in the huge gap up. I won't be a surprise if nifty closes above 18350. Bank nifty ha snot traded within such a small range in last 2 years and it favored option sellers who got the range correct.
Bank nifty support jolted from 38000 to 38500 and 18200 has become a support in nifty. This is something stupendous as compared to last year.
Now coming to charts, momentum is there but Bank Nifty just posted a doji which may be an indication that a pull back can happen. I have been talking about this pull back for some time now and it will happen. But it has become hard to predict when this will happen. Interestingly, market is not overbought in any time frame. So, there is no point in talking about that pull back. Bank nifty is green for 10 straight trading sessions. Nifty is similar with one or two red candles in between which are basically indecision candles. So, let's just ride the trend until otherwise proven.
Nifty Bullish
Bank NIfty Bullish
Please refer to the trading option selling concept for expiry day that I had shared. In no way does that mean that you should take these positions as everything is just meant to be for educational purposes. Avoid option buying at all costs
Two stocks
Buy Infosys
Sell Wipro
Undying Bullishness with some range bound activity happened today. The conviction was fruitful. The only problem was buying index was not possible coz most of the bullishness was exhausted in the huge gap up. I won't be a surprise if nifty closes above 18350. Bank nifty ha snot traded within such a small range in last 2 years and it favored option sellers who got the range correct.
Bank nifty support jolted from 38000 to 38500 and 18200 has become a support in nifty. This is something stupendous as compared to last year.
Now coming to charts, momentum is there but Bank Nifty just posted a doji which may be an indication that a pull back can happen. I have been talking about this pull back for some time now and it will happen. But it has become hard to predict when this will happen. Interestingly, market is not overbought in any time frame. So, there is no point in talking about that pull back. Bank nifty is green for 10 straight trading sessions. Nifty is similar with one or two red candles in between which are basically indecision candles. So, let's just ride the trend until otherwise proven.
Nifty Bullish
Bank NIfty Bullish
Please refer to the trading option selling concept for expiry day that I had shared. In no way does that mean that you should take these positions as everything is just meant to be for educational purposes. Avoid option buying at all costs
Two stocks
Buy Infosys
Sell Wipro