Weekly Outlook [30-Oct-2023] - BankNifty & Other Indices Last week, Banknifty formed a wide range bar. We can expect a pause this week, and anticipate an Inside Candle formation. Best option right now is index plays with short option. Plan for OTM Short Strangle or ATM Short Straddle. But due to very low VIX regime, maintain tight stop loss.
OTM
Nifty Short Side if broke trend line I hope nifty crossing 13600 be a false break out Hope nifty open below 13600
hope it breaks the trend line and has the good shorting opportunity
I'll short 13600 CE with stop loss with 10 points as stop-loss ill update the level I enter for 1st half only ill hold is trend line break as tomorrow the option otm will get zero
in the second half maybe there will be an opportunity to buy pe of 13400 with trailing stop loss with every 1 point increase ill trail 1 point
Banknifty Expecting Downtrend Hope market opens flat or small gap-down. Big gap up then don't trade or see price action and enter
As after a fall, there are continuous resistances upside trend and tomorrow is option expiry
My view is negative tomorrow
but hope the first half is : sideways
then 2nd half :
if the bank nifty cross 29800 then big bearish downtrend till 29000 or 29100
My range is mentioned in by blue line. Tomorrow I am seeing an opportunity for PE buying instead of OTM CE short
if gone as per plan then definitely PE prices of 29200 29400 could give 1: 4 - 5 profits RR ratio with trailing SL as option buying and maintaining the profit is important
is anyone wants to play safe then short 29900 and 30000 OTM and holds if gone as per plan full option value will be in your pocket with small SL
of 20 - 30 points
#### if you take trade better test with your analysis take it at your own risk. Don't forget to out SL
as personal experience Dont forget to put stoploss i have lost nealry -3000 in one single trade while stuck in some work and forgot to put sl and thought to exit manually but the market got reversal badly .
### Saving Capital is also trading
ICICIBANK LONG SIDE ICICIBANK now it is in perfect trend trading tomorrow buy when 30 min macd gives buy signal . with target 1 488 . if market open with small gap up or nearly flat then take trade then only avoid if it open if opened big gap up and tomorrow thursday so please take equity only volitility will be high wait for indication . if look market looks bullish then best time to short 470 pe short