Dear traders, I have identified chart levels based on my analysis, major support, and resistance levels. Please note that I am not a SEBI registered member. Information shared here for educational purpose. Please don’t trust me or anyone for trading/investment purpose. Focus on learning how to fish, trust your own skills and please do consult your financial advisor before trading.
BANK NIFTY
Bank Nifty is down by -210.6 points. Bank Nifty offered excellent opportunities to option writers (short straddle/strangle traders). PCR shifted down from 0.91 (bearish zone) to 0.78 (getting close to oversold zone). Bank Nifty closed above VWAP and important support zone with good buying volume which is indicating positive move is likely in Bank Nifty. Let us see how global cues works out tonight.
Highest open interest on call side at 40000 (Remained at same level)
Highest open interest on put side at 39000 (Remained at same level)
NIFTY
Nifty is down by just -31.2 points. PCR shifted slightly up from 0.87 (bearish zone) to 0.92 (bearish zone). Nifty hit the target as expected then reversed as well. Later option writer made good money as Nifty traded in a narrow range. Call writers are getting challenged again & again. Today morning put writers run for the cover & majority of them ended up booking losses. Smart traders made money who took contra trades at major support.
Highest open interest on call side at 17800 (Shifted up from 17800 to 18000)
Highest open interest on put side at 17000 (Remained at same level)
Shall we continue look for sell on rise opportunities near major resistance levels with strict SL? and
Shall we continue look for buy on dips opportunities near major support levels till indices are trading in a range?
Please do share your comments. Have a very happy, healthy & profitable day ahead!
BANK NIFTY
Bank Nifty is down by -210.6 points. Bank Nifty offered excellent opportunities to option writers (short straddle/strangle traders). PCR shifted down from 0.91 (bearish zone) to 0.78 (getting close to oversold zone). Bank Nifty closed above VWAP and important support zone with good buying volume which is indicating positive move is likely in Bank Nifty. Let us see how global cues works out tonight.
Highest open interest on call side at 40000 (Remained at same level)
Highest open interest on put side at 39000 (Remained at same level)
NIFTY
Nifty is down by just -31.2 points. PCR shifted slightly up from 0.87 (bearish zone) to 0.92 (bearish zone). Nifty hit the target as expected then reversed as well. Later option writer made good money as Nifty traded in a narrow range. Call writers are getting challenged again & again. Today morning put writers run for the cover & majority of them ended up booking losses. Smart traders made money who took contra trades at major support.
Highest open interest on call side at 17800 (Shifted up from 17800 to 18000)
Highest open interest on put side at 17000 (Remained at same level)
Shall we continue look for sell on rise opportunities near major resistance levels with strict SL? and
Shall we continue look for buy on dips opportunities near major support levels till indices are trading in a range?
Please do share your comments. Have a very happy, healthy & profitable day ahead!