It was expected to have a gap up opening, but it opened with a flat and moved down. If you look at the chart, the negative sentiment in IT stocks dragged the NIFTY down. The nifty filled the gap and settled near 17500, and the trend line also broke. Let's see if the profit booking continues or not. If the range breaks more down, expect nifty 17400 and banknifty 38800. Bank Nifty 39000 good level can make a good move from here, it will be a break out level. I'll keep an eye on nifty 17800.I was at above 1.5% profit for the day. I kept rolling my put to 17500 and called 18050 yesterday. I booked profit on both mornings. I kept my put up to 17550, waiting to enter the call side because there is not much premium. Then I entered into 17850 CE but the nifty kept falling and my 17550 PE hit SL twice today. I nearly lost 1% trade. Profit went up nearly 2%. At one point in time, 17550 eats my half of the profit, and I firefight roll my call to 17700, and entering 17550 again ends up with nearly 0.8% profit. Because I held on to my PE side banknifty took good support at 39000, expecting a quick buy, because I was not that confident about the selling call. I hope everyone had a great budget week. In the coming days, I'll keep a close eye on Banknifty at the mentioned levels.
