Is it going to get to the 19730 levels? And if yes, is it going to be a good support?
nikhilnbr
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@asujithnair, i am expecting a decline in wave 4 or it can be a sideways movement also as wave 4 is correction wave so cannot tell will it take support at 19730. if the decline is sharp it will reach 19730 but if the correction is sideways it will not reach 19730 only the market action (market sentiment) will decide that and hope that trend line is not broken, if so we have another scenario which is the entire rally from 26 oct from a low of 18842 is getting corrected.
asnair
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@nikhilnbr, , Appreciate it, thank you, currently it is finding or trying to get support at around that range though, let us see, I think I will get a trade soon, Nifty 19750 CE, seems like a scalp opp is getting cooked, all based on the this support, if I can call it so.
nikhilnbr
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@asujithnair, i am expecting the entire rally from 26 oct from a low of 18842 is over and expecting a correction of this rally and 19750 ce is OTM, it has less delta, are you comfortable with that and also now not expecting GIFT NIFTY to go high above 19770, in fact, expecting to decline further low
asnair
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@nikhilnbr, Yeah, kind of, so I have taken a scalp entry and squared off green though it was a minimal return. Nifty actually tried to make triangle but not that promising.
nikhilnbr
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@asujithnair, i think you should compare the difference between OTM and ITM trade and i think for scalping 2 or 3 strike prices below ITM achieve the target faster than OTM since it has less delta, what is your view?
asnair
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@nikhilnbr, I actually consider shapes in the premium chart as well and found a support at 64 level for 19750 CE and I only wanted to encash it and your question is so relevant though. I was never serious about options and futures until recent time that I only grew interest in the options a week ago, all of a sudden. Since then, I used to take a couple of trades each day and I tried increasing the number of trades and ended up in losses and it was the only day I cut the price in the red. I was fortunate enough to take a delivery on the day I cut in red and it actually benefitted me since it was the day on which the inflation data got released though I could not capture the entire move because I squared off it on the very first 5 minute candle. I was sure that it would most probably hit 19840 but I was not ready to take that much risk and did that foolish thing though I made x 2.5 on that trade ( I should have hold that, it had the potential to get x 5 plus of capital employed) . But I am now happy that I kind of got a support and resistance in persons, a person who has started trading recently, who is sharing thoughts in yt is my support in person since he is reminding me of my past blunders and you are my resistance in person, who is checking myself from taking too much risk. Thank you for that bro. Keep in touch. Kind of overwhelmed, sorry.