Nifty 50 IndexShort
Nifty 10 May 2021 Trade SetUp
Nifty formed a Bullish Candle on Weekly Timeframe and a Doji on Daily Time frame.
It has still not broken out of the channel. Maintain Caution at higher resistance levels ( 14850 / 14900 / 15000 )
Hrly TF - Bullish hammers one after other, indicating bullishness in the price.
Blue trendline shows short term uptrend, if broken, then price may find immediate support @ 14700
If trend is to continue, it needs to break high of inverted hammer 14863
Note : Monthly 14500 straddle still has 13.3 lakh CE Oi and 24.8 lakh PE Oi [ Straddle gains : 22% ]
3rd May : Sold PE @ 370 & CE @ 480
7th May : PE @ 150 & CE @ 510
Total Gains : 190 points
Also, a Strangle 14500 PE (28.2lakh Oi) & 15200 CE (28.9lakh Oi) seen. (Total of 47.80 Premium)
It has still not broken out of the channel. Maintain Caution at higher resistance levels ( 14850 / 14900 / 15000 )
Hrly TF - Bullish hammers one after other, indicating bullishness in the price.
Blue trendline shows short term uptrend, if broken, then price may find immediate support @ 14700
If trend is to continue, it needs to break high of inverted hammer 14863
Note : Monthly 14500 straddle still has 13.3 lakh CE Oi and 24.8 lakh PE Oi [ Straddle gains : 22% ]
3rd May : Sold PE @ 370 & CE @ 480
7th May : PE @ 150 & CE @ 510
Total Gains : 190 points
Also, a Strangle 14500 PE (28.2lakh Oi) & 15200 CE (28.9lakh Oi) seen. (Total of 47.80 Premium)
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.