Nifty,
If you have been following me, I was shouting from the top of my voice to sell when Nifty was above 18000.
Yesterday I had mentioned 2 things
- to watch out for weekly closing - Above 17430-17450 zone, next resistance is around 17604-17620 odd levels
- focus on Risk Management. We were close to lower end of the Red channel
That's what we are seeing right now, Nifty opened at 17451 and made a low of 17427.70 respecting the said zone to perfection and thereafter the Index has rallied non stop to make a high of 17597.8 so far... 150 points roughly straight away from 17450 odd levels...
Right now we are close to the mid range of the channel and also the Black Line of resistance around 17620 odd levels.
Risk::Reward ratio looks manageable from current levels to short.
Given the setup, my trading strategy
Sell 17800 Call option 29 March 2023 expiry in 2 tranches.
Currently around 128 and rest on Monday.
I would exit if Nifty closing is above the Green trendline (around 17680)
Take care & safe trading..!!!
Disclaimer
- The view expressed here is my personal view
- Past performance is not a guarantee for future predictions
- Use this for educational purpose
- Any decision you take, you need to take responsibility for the same
- It's your hard earned money. Treat it wisely
- Trade / Invest keeping in mind your trading style, goals and objectives, time horizon & risk tolerance
- if trading in F&O, understand that F&O trading involves risk
- Do take proper risk management measures
- Do your own analysis and consult your financial adviser if need be
If you have been following me, I was shouting from the top of my voice to sell when Nifty was above 18000.
Yesterday I had mentioned 2 things
- to watch out for weekly closing - Above 17430-17450 zone, next resistance is around 17604-17620 odd levels
- focus on Risk Management. We were close to lower end of the Red channel
That's what we are seeing right now, Nifty opened at 17451 and made a low of 17427.70 respecting the said zone to perfection and thereafter the Index has rallied non stop to make a high of 17597.8 so far... 150 points roughly straight away from 17450 odd levels...
Right now we are close to the mid range of the channel and also the Black Line of resistance around 17620 odd levels.
Risk::Reward ratio looks manageable from current levels to short.
Given the setup, my trading strategy
Sell 17800 Call option 29 March 2023 expiry in 2 tranches.
Currently around 128 and rest on Monday.
I would exit if Nifty closing is above the Green trendline (around 17680)
Take care & safe trading..!!!
Disclaimer
- The view expressed here is my personal view
- Past performance is not a guarantee for future predictions
- Use this for educational purpose
- Any decision you take, you need to take responsibility for the same
- It's your hard earned money. Treat it wisely
- Trade / Invest keeping in mind your trading style, goals and objectives, time horizon & risk tolerance
- if trading in F&O, understand that F&O trading involves risk
- Do take proper risk management measures
- Do your own analysis and consult your financial adviser if need be
Suggested selling in 2 tranches when price was 128+
Last Traded Price: 13.95