NIFTY
Nifty is clearly trading inside a smaller channel which is kind of inside the major channel as shown.
15600 is technically a good resistance due to the confluence of 2 channels for me.
Nifty is slightly overextended now; Rsi on 1hr chart is in an overbought situation+ confluence of 2 channel resistance may initiate profit booking in the index.
Nifty is in a strong bull run and any fear in the market can be bought into hence anyone who short the market intraday should keep a strict SL and trade with minimum quantity. All the important supports are marked on the charts(15min closing basis)
if we get a reversal price action on chart and 15min close below 15528 then next major support level is at 15465 trendline support(200ema/5min+ 20ema1hr).
If that level is not respected then 15400-15360 level is a good buy on dip zone for me.
On the upside 15680 which is weekly R2 is a good level to watch.
European markets ended in red with some bearish bias and American markets are trading flat with bearish bias currenlty. SGX nifty is also trading lower now.
considering all this if nifty opens flat/ slight gap down tomorrow i expect markets to consolidate with negative bias where the important support levels are marked on the charts.
Usually, after a good rally market likes to consolidate before another major move.
If Nifty opens gap up I will be watching for daily pivots and 15680 level.
Looks like 15500 short straddle has been build. If thats the case market would like to trade between 15700 and 15300 for this week.(its too early to judge but i will be watching option chain tomorrow to get a clear picture).
I was short on 15000 and 15100 puts. I have booked 15000pe and shifted that to 15200pe today evening.
Comment:
sold 15800 on the call side for expiry. Planning to exit this if 15700 and above is sustained
Nifty consolidated with a bearish bias