We are already having a short trade. Let's short more in over lot.
Also, bring the stop-loss lower!
This company has shot up 35.6% this month which is highest of any FNO stock. It has to retrace to some extent!
No matter what people says. As per price action, BankNIFTY is not short till the PDL is broken here in D.
But for intraday, follow the 30 minutes chart, You can sell 29300CE or BankNIFTY futures or buy 29000 PE with mild stop loss.
The red indicator which you are seeing in the chart is made of diving crude oil price by BPCL price.
Now when we speak of Crude oil in India, It is always about USOIL*USDINR.
USOIL*USDINR= OIL Price/USD * USD/INR = Oil Price/INR.
This is a leading indicator as the indicator is made of price only.
You can see what is the correlation with the indicator clearly...
First, we can see it is on the upper range of a sideways trend. But if we see the futures chart, it has a muted rise!
As per OI data (<a href="https://unofficed.com/nse-stock-options/">https://unofficed.com/nse-stock-options/</a>)
It is in support of fall only....