Niftybank moments for option trading 19/nov/2024Niftybank moments for option trading 19/nov/2024
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CALL
Range breakout signal plus confirmation is observedExtraodrinary shake out candle and raising prices indicates
1. Range resistance line as first target
2. futher targets drawn may also achieved after supply absorption at range top
long consolidation already removed maximum supply at these levels
shakeout candle tested supply at bottom comfortably
sector support gives addtional confirmation
TATA communications - retest at demand zoneboth major and minor pitchforks showing the least resistance path of price is to go up.
1880 to 1900 appears to be a minor resistance
bullish price action is valid even if bars go along lower line of minor pitch fork.
but expecting a good bullish bar soon towards minor resistance
price closing below the lower line of minor pitch fork - SL can be taken
Channel Pattern Breakout & Big Move of Bank NiftyChannel Pattern Breakout:
A channel pattern in technical analysis refers to the price movement of an asset within two parallel trendlines, with the upper trendline acting as resistance and the lower trendline acting as support. A channel pattern breakout occurs when the price of the asset breaks above the upper trendline or below the lower trendline.
When a channel pattern breakout occurs, it is seen as a significant event by traders and analysts. The breakout suggests a potential change in the
Nifty: Chart set up and trading strategyNifty
- Nifty has given a breakout from the Blue box and is now trading in the yellow box
- 252 day EMA @ 17396
- 63 day EMA near 17540
- Line of Resistance 17620 odd levels around 20 April 2023
- 21 day EMA around 17240
- Lower level of Yellow box 17220 odd levels
- RBI Policy Announcement on 6th April 2023
- Result Calendar to begin soon
View: Rangebound for the next 2 weeks
Trading Strategy: Short Strangle for Nifty 13 April / 20 April expiry
Expected trading range for Nifty till 19th
OP Coin analysis on daily TF with supp resis & fib OP Spot call
All supp and resis lvl are drawn in chart keep an eye if you are interested to grab som OP coin in your spot wallet.
For Future trade there is very low volume so do trade in spot for safe side see the chart closely and comment your fav coin if you wanna see the analysis of that coin
Nifty: But I still haven't found what I'm looking for...Nifty
Yesterday if we observe in daily candlestick charts Nifty formed a Doji candle - suggesting indecisiveness.
Today on a 15 min candle we observe Nifty struggling to stay above yesterday's high as of now.
Based on data analysis, FIIs were once again seen selling Index Futures. That makes it clear why Nifty has struggled so far. Now that Nifty is near their cost, will we see FIIs covering their Shorts?
Mind you the Long:: Short ratio of FIIs in Index Futures is 1::7.8 This ratio is si
Reliance: Chart set up and trading strategyReliance
We are looking at Daily chart of Reliance Industries
Observations
- 2420-2450 has the potential to act as resistance
- One may also look at the Red Line of Resistance as potential supply zone
- 2180-2220 has the potential to provide support to the stock
- The Green Line of Support comes around 2163
Given the chart setup,
My view : Rangebound between 2220-2450
My trading strategy: Short strangle strategy for Mar 2023 series
Sell 29 Mar 2500 Call option &
Sell 29 Mar 2200 Put
Nifty: Nifty expiry Target of 17564 done for us!!!Nifty
17564
If you have been following me,
Nifty has respected most of the levels identified with the help of Technical Analysis
The yellow zone above 18000 has been drawn long back. You can check my previous post
Thereafter, I have been suggesting this case: if Nifty starts trading below the blue line then probability is very strong for Nifty testing the red line.
I had given a figure of Nifty closing below 17836-17854 odd levels could be a cue of Nifty testing 17564.
We cannot
Nifty: How I am looking at closing. Did my analysis helped? Nifty
- When Nifty was at 18060-18065 odd levels short was recommended.
Currently Nifty is down 170 odd points.
For Positional play, today's close is very important
- Watch out for 17860-17800 odd levels on the downside. If taken down, it could trigger more selling pressure. Bears might start tightening their grip
- Between 17860-17965 odd levels and the Battle of Bulls and Bears is still in balance
- above 17965 Bulls might have an upper hand
- going forward closing above 18035 on dai
Nifty: Budget time and chart set upNifty
Chart set up
- In the last 2 days Nifty has closed in positive territory, however it has found it difficult to close above 50% of last red candlestick which comes at 17740 odd levels
- a lot of resistance between 17740-18140
- on the lower side Nifty has a risk of falling towards 17331 / 17188 / 17096 odd levels
Derivative Data
- FIIs have gone in to the Budget day with negative bias
My view
Given the data and chart set up, I'm not too optimistic about the reaction to Budget a
NIFTY VIEW FOR 9 JANUARY As we discussed in previous idea , if nifty break 18000 level we may see more selling to 17900-800 levels , as it did in friday trading session.
Now , you can see simple Resistance and Support area in the chart , we may expect this week in this zone , so try to buy at support level and sell at resistance level
let price make a reversal pattern at the support area or a Bullish candlestick pattern for the confirmation so that we can take entry at right time
or
we can use indicator for confirma
Nifty: Wait for clarity to emerge before directional trade Nifty
On 29 Dec expiry day, I had suggested a Long trade which was squared off once Nifty touched 21 day EMA. It's there in the timeline.
Now, we are looking at Daily candlestick chart pattern
1. Nifty yo-yoing between 21 day EMA (Currently around 18252) and 63 day EMA ( around 18083)
2. Given breakdown below the blue trend line and now retesting it
3. Resistance area blue line and 21 day EMA
4. 63 day EMA and yellow horizontal zone providing support for time being
5. No clear directi
Asian Paints: How to play a channelAsian Paints
The Chart set up
- Since Oct 2022 the stock has been trading in a channel
- chart is not strong but with crude prices stabilizing at lower side it favors the sector as oil is one of the major raw material.
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Trading plan
One way to trade this is : Wait for the stock to give a sustained breakout from the channel. Ideally a 3 day close beyond the channel limi
Asian Paints: Is the colour fading...!!!Asian Paints
CMP 3158
63 day EMA is at 3179
21 day EMA at 3158
Stock is struggling to sustain above 63 day EMA
Given the set up one may consider to sell Asian Paints Dec expiry 3200 Call option currently around 52
SL / Exit if closing in Spot is above 3226
Take care & safe trading...!!!
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Disclaimer
- The view expressed here is my personal view
- Past performance is not a guarantee for future predictions
- I have been wrong in the past and can be wrong again in future too























