Hello reader, hope you’ve had a good weekend! Markets are still in a consolidation phase, especially with Nifty and Banknifty facing stiff resistance and yet to give a range breakout. Keeping the post short today as there aren’t much changes we’re seeing that are of great significance.
Important points to note:
- Nifty still inside a wide range, needs to cross 18170-200 for trend change confirmation. Key short term resistance at 18070.
- Banknifty’s current trend being a LH-LL (Lower High – Lower Low) formation, it needs to protect recent lows and cross above last week’s high to change the trend (chart shared below).
- Given current volatility levels, 18000 Straddle would be a good trade to execute for this week’s expiry. Premium collected 170 points, range being 17830 on downside and 18170 on upside for breakevens.
- Keep an eye out for DLF, which can be an outperformer in the Realty space. First move needed above 380, post which 400-410 range needs to be broken for upside.
Have a good trading day, and may the force be with you!
Disclaimer: this post is for educational purposes only, we are not SEBI registered analysts. Trades mentioned here are not trade recommendations. Equity Investments are subject to 100% market risk, please consult your financial advisor before investing.
Concise and clear!