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Siddharth1707

NIFTY stuck in 2 channels?

Short
Nifty 50 Index (NSE:NIFTY)  
Siddharth1707 Updated   
NSE:NIFTY   Nifty 50 Index
Parallel Channel Chart Patterns nifty50 sellsignal Bearish Patterns
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parallelchannel chartpattern nifty50 sellsignal bearish
You might be now aware of the downtrend channel of NIFTY 50 (Blue). It bounced from the lower end of the channel last week and now trading near the supply zone of older channel (Green). It may consolidate in this channel for a while but chances are that it can break this channel to get into bearish territory.
Comment:
Ideas to trade the market:
1. Naked PUT buying if it breaks the downside of blue/green channel
BUY NIFTY AUG 15200 PE
2. PUT spread
BUY NIFTY JUL 15700 PE
SELL NIFTY JUL 15200 PE
Disclaimer: I am not SEBI registered financial advisor. I am sharing the ideas just for discussion.
Comment:
Still stuck in this green channel. Looks like it won't leave this for the next 2 weeks. Although hoping for eventful expiry tomorrow.
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