How to Trade Nifty on 08 April 2021
What Chart Says:
Nifty showed a good recovery closing very bullish.
Behind the scenes:
Advance to decline ratio is around 43:7 in nifty 50
FII has pumped in 227.42 CR & DII data has pumped in 381.08 CR
European markets had a mixed reaction today
SGX nifty is trading flat at the time of review
US Market data was trading flat...
nifty option writing using strangle with hedging.
The nifty is moving in a wedge and the market is expected to be sideways (Till expiry).
still safe players can either exit the losing side if it breaks the wedge in either side or can opt for deep rollover.
Overall market sentiment is bearish but the RRR is good for the trade i.e: 1.08
We can see a gap up opening of NIFTY and we can see the opening at 14720. If we see an opening a 14720 then intermediate support will be14649 and intermediate resistance will be at 14780.
RESISTANCE 1: 14649
RESISTANCE 2: 14780
NIFTY OPTIONS TO WATCH
14800 CE 8 APRIL
14450 PE 8 APRIL.
Do not go short or by PE yet. There's a Vwap support right below the day's low. So wait till 11:00am for more clarity. If the Vwap is breached we can get a big down swing. If it isn't then another rangebound day. Another party for option sellers.
Shift in OI data as well demand for put contracts. The up move made in the first half of the day needs to be averaged and toned down now. Though we are still in a slight uptrend so don't hold for long.
Keep small targets and book profit quickly.
Alright the expected reversal I quoted in my earlier post is here. Took its sweet lil time getting here coz of low Volatility as I mentioned before.
Buy call below 15100 and book quick profits. Don't get too greedy.
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Buy Above: 14116.95
Open Price: 14100.00
Buy Targets: 14144.83 14172.57 14194.98 14217.40 14249.32 14268.69 14334.80 14407.37
Sell Below: 14083.05
Sell Targets are: 14055.17 14027.43 14005.02 13982.60 13950.68 13931.31 13865.20 13792.63