Banknifty Trade Setup for 24.08.22 with intraday levels
This was what I was talking about in my previous ideas. It is very dangerous to take short positions in such pull backs because you do not know when there will be reversal and short covering would start. Today most of the short covering came from 38500 CE short positions where bulls managed to hit the stop losses bears had placed in the system. This was evident from the opening. In spite of a significant gap down. the buying pressure was strong. As long as banknifty can sustain above 38732, you can stay on you long positions. But DOW is in deep red and weakness is increasing in international indices. so, was that a bull trap? May be. But you cannot deny the fact that there was a robust short covering today and without the effect of US markets we may have continued this up move.
Given todays move in DOW, expect a gap down opening of banknifty
Conviction bearish (may give sideways movement)
Bias bullish (banknifty closing)
Trading Ideas
Long above 38732 Target 39000+
Short below 38532 Target 38000
>>Option buying
Long Position: Buy 38500CE
Short position: Buy 38000 PE
>>Option Selling
Sell 39000 CE with 30 point SL (if you have sold this strike before keep trailing the SL)
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Given todays move in DOW, expect a gap down opening of banknifty
Conviction bearish (may give sideways movement)
Bias bullish (banknifty closing)
Trading Ideas
Long above 38732 Target 39000+
Short below 38532 Target 38000
>>Option buying
Long Position: Buy 38500CE
Short position: Buy 38000 PE
>>Option Selling
Sell 39000 CE with 30 point SL (if you have sold this strike before keep trailing the SL)
-------------------------------------------
Standard Disclaimer
Trading stocks, options and other securities involves risk.
The risk of loss in trading securities can be substantial.
The risk involved with trading stocks, options and other securities are not suitable for all investors.
The information presented in this educational material is not intended to be
used as the sole basis of any investment decisions, nor should it be construed
as advice designed to meet the investment needs of any particular investor.
Nothing in this course constitutes legal, accounting or tax advice, or
individually tailored investment advice.
WE ARE NOT RESPONSIBLE FOR ANY GAINS OR LOSSES YOU MAKE.
WE ARE NOT SEBI REGISTERED.
*SEBI Mandatory Guidelines*
*Channel Disclaimer/ disclosure*
No tips
No advice
No recommendation
No PMS advisory
This channel do not provide any tips/recommendations/advice
All updates/posts/discussions are only for education and learning purpose.
Do Consult your financial advisor before taking trading or investing decisions
Group Admin or Members not responsible for any financial losses
Disclaimer/disclosure/terms and conditions applicable to all members of this channel
All rights are reserved
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