Bank Nifty option Strategy 28 Nov 2019

27 nov 2019

As discussed yesterday , Bank nifty found resistance at 31890 and dropped back to pivot range. I just wanted to mention that bank nifty low was 31734 which was 20 points above our pivot point range, but corresponding nifty levels were 12046-12065 and nifty made a low of 12055 which obviously provided support. Market rallied back to close near resistance level.
Going short at resistance in morning and buying back in pivot range proved fruitful to everyone who followed my levels.

Decision range for expiry - 31862-31828
Resistance for the day - 31950 , 32024.
I usually don't provide 2 high points for following day but expiry can sometimes break it's usual volatile range so I'm providing 2 levels.

Support for the day - 31767, 31660 ( 2 points for similar reasons cited above )

My Trade
I'll look to short calls near resistance and wait for bank nifty to enter pivot zone to cover. Any decision range break on lower side after 12:30 and staying below 31828 for 20 minutes would initiate expiry put trades. Supports I have already mentioned.