Ok, so everything once again went as we planned yesterday. Sellers' volume in 
NIFTY was higher than buyers', which got reflected today.
We are totally rocking it with the index options trading!
Now, what I see today is that the index has found support on the 1-hour and weekly charts.
Plus, in the middle of the day, the sellers' volume was around 20 million, but by the end of the day, it dried up to only 6 million. That confirms the index has found support and is trying to bounce.
The support with confluence is at 24880. Closing above that today really gave a good hint.
However, I wouldn't jump to the long side unless and until the market confirms my view. So here is my strategy for tomorrow for playing index options:
The pivot for Nifty is at 24954. The PP is 0.25.
I would like to see Nifty opening above that pivot tomorrow if I plan to go long. Now, as the PP is wide, I can't expect a sharp move day. Rather, a consolidation here would be really good to go long for another few days. For the time being, my target would be 25050. The first batch of my long trade I will book near this point, and I will only hold positional longs, which I do with index futures + options strategy, if Nifty closes above this point on the daily chart.
One thing is for sure - I won't short the index from here on. At least wait for the bounce and see whose volume is bigger.
For the equity side - I will focus on minerals and specialty chemical industry stocks.
That's it for the day. Take care. Have a profitable tomorrow.
---
📊 Levels at a glance:
Pivot: 24954
Support: 24880
Resistance: 25050
Pivot Percentile: 0.25 (wide, hints at consolidation)
Bias: Wait for confirmation, bullish above pivot, no shorts from here
Sectors to watch: Minerals, Specialty Chemicals
NIFTY was higher than buyers', which got reflected today.We are totally rocking it with the index options trading!
Now, what I see today is that the index has found support on the 1-hour and weekly charts.
Plus, in the middle of the day, the sellers' volume was around 20 million, but by the end of the day, it dried up to only 6 million. That confirms the index has found support and is trying to bounce.
The support with confluence is at 24880. Closing above that today really gave a good hint.
However, I wouldn't jump to the long side unless and until the market confirms my view. So here is my strategy for tomorrow for playing index options:
The pivot for Nifty is at 24954. The PP is 0.25.
I would like to see Nifty opening above that pivot tomorrow if I plan to go long. Now, as the PP is wide, I can't expect a sharp move day. Rather, a consolidation here would be really good to go long for another few days. For the time being, my target would be 25050. The first batch of my long trade I will book near this point, and I will only hold positional longs, which I do with index futures + options strategy, if Nifty closes above this point on the daily chart.
One thing is for sure - I won't short the index from here on. At least wait for the bounce and see whose volume is bigger.
For the equity side - I will focus on minerals and specialty chemical industry stocks.
That's it for the day. Take care. Have a profitable tomorrow.
---
📊 Levels at a glance:
Pivot: 24954
Support: 24880
Resistance: 25050
Pivot Percentile: 0.25 (wide, hints at consolidation)
Bias: Wait for confirmation, bullish above pivot, no shorts from here
Sectors to watch: Minerals, Specialty Chemicals
การนำเสนอที่เกี่ยวข้อง
คำจำกัดสิทธิ์ความรับผิดชอบ
ข้อมูลและบทความไม่ได้มีวัตถุประสงค์เพื่อก่อให้เกิดกิจกรรมทางการเงิน, การลงทุน, การซื้อขาย, ข้อเสนอแนะ หรือคำแนะนำประเภทอื่น ๆ ที่ให้หรือรับรองโดย TradingView อ่านเพิ่มเติมที่ ข้อกำหนดการใช้งาน
การนำเสนอที่เกี่ยวข้อง
คำจำกัดสิทธิ์ความรับผิดชอบ
ข้อมูลและบทความไม่ได้มีวัตถุประสงค์เพื่อก่อให้เกิดกิจกรรมทางการเงิน, การลงทุน, การซื้อขาย, ข้อเสนอแนะ หรือคำแนะนำประเภทอื่น ๆ ที่ให้หรือรับรองโดย TradingView อ่านเพิ่มเติมที่ ข้อกำหนดการใช้งาน