Forming iron condor for nifty next week
Buying 12500CE and 10950PE @13 each (net debit is 26)
Selling 12300 CE and 11300 PE@44 each(net credit is 88)
total credit will be 62 points
if nifty next week expiry happened between 12300 to 11300
As i have told i will sell on the rise on condition. As per my support and resistance, i am getting a level of 11553
but there is dynamic trade line resistance near 11570.
i have taken both the position first sell 11700 ce at 11553
and again 11700 ce at 11570 with stop loss 11605. Miss the reverse trend .
now for tomorrow i will again follow the same...
NIFTY TRADE SET UP
everyone is bearish on nifty but as we have seen market has been eating all the movement by giving gap up or gap down opening.
i will have a slightly different approach in the market.
1. if the market opens gap down I will sell the put option around 11260-11236 sl 11180 .and sell call option on reversal around 11305 - 11330.sl 11370.
i am bullish till the market sustains above 10300 -10290. once the market sustains below 10290 will buy 10200 put and recover my otm put short money.
ideally, i will sell 11000 put and buy 11400 put to hedge my position( in 30 percent quantity.
example if I sell 11000 put 225 quantity then will buy only 75 quantity put.
20 day EMA stays below 50 day EMA signals the continuation of bearish sentiment. Evening star pattern in daily chart confirms the resumption of bearish sentiment. Expect the index to stay below 22000 level for this expiry.
The stock has been playing into a rectangle from last 4 months, several attempts have been made to breakout but didn’t succeed. The prices are close to support as long as it don’t breakout of the range it’s worth waiting for it. Have a look at the RSI, it also meanders between 60-40 levels in a zone indicating total sideways action.
Like the Banknifty, Nifty is also resting at an support level. 12090 will keep providing support to the index breaking below it Nifty may slide to 11960, 11790 & 11420 levels. While 12300 will act as a strong resistance zone for Nifty. The RSI is into neutral zone between 60-40 levels, while it is also taking resistance at the trend line. The MACD is also facing...
As we can clearly notice that the stock has taken support at multiple levels and the short term RSI has got oversold. The volumes on the falling candles is not too great. All these indicate that the move down may be corrective. The RSI is into bullish zone with MACD above 50 levels. This also indicates strength. 501 – 502 may be seen as a minor resistance above...
We could have happier if we could mark the same bullish counts on Nifty too, but the Nifty’s chart is bit confusing. This may be due to the 2020 Union Budget. The markets reacts to an big event like these in just the opposite way before the event, this is because of sentiment overshoot. You may have noticed that generally before a big event the markets correct....
The index bounced back today after correcting during the week. As mentioned that the narrow range candles have created value area which will act as resistance in the coming weeks. The weekly candlestick pattern is not very encouraging for bulls. We have an immediate support at 12130 levels, Nifty is expected to hold on to this to maintain the gains. Above this...
CNX Small Cap Index registered a decent close above all major pivots. Also RSI is now displaying bullish momentum with MACD comfortable into bullish zone. Small Caps stocks are expected to outperform the overall Nifty index in the coming quarter.
Gail is trading at an inflection point. A strong close above 127 will fuel up the rally whereas any selling pressure at the current levels may push the prices down south again to 110 zones. The RSI is at the bearish extreme zone.