A quick correction/drop on Nifty Index?!

Its just the election results hype. You have to wait and watch. By next weekend results are out and expect a rally of around 500 points in Nifty. Saying that, you have to face the correction as well. The Market is already too high. Just hope for majority results in the election or wait for tumble.

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I wonder how many traders has traded , on short side during this Nifty downtrend, ( probably many are missed out ) Today Nifty spot & future premium come down to 35 points compare to 45 -50 points, there is heavy shorting on Nifty future, some one knows , some wrong thing going to happen , while posting this Dow Jones was down by 700 points , its more of geopolitical risk , pressuring Nifty , Nifty closed just above its support level of 11133. I assume if Nifty does not close above the support level , probably tomorrow itself nifty close below 11000 level.

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selling mostly calls in the last 3 expiries ( main trade ) :wink:
still selling strangle in BN and surviving so far on other days

i think most positional retail traders will get in the sell train now :laughing:

Nifty able to hold the support level of 11133 and bounced , I assume if Nifty continue to trade & close above resistance level of 11284 , next logical level is , Pivot point , 11394 and that happens , probably the quick correction/ drop on Nifty will be over!!!

Even though the correction was sharp and quick ( aided by trump vs china tariff war from last week ) , it got delayed by quick 3/4 weeks from your TIMEFRAME :slightly_smiling_face:
are you still ok to take credit for this correction ? :smile:

I hope market rises tomorrow after I buy calls :wink:

Nifty tested both support & resistance level, i assume tomorrow market will bounce , there seems to be a bottom formation on Nifty , worrying thing is difference between spot price & future, premium come down to 20 points , at one point of time during day it was 10-12 points,. Resistance level for the Nifty being 11240.

probably election result was not discounted :wink:
Maybe discounting now :slight_smile:

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I think election results are discounted by the market :slightly_smiling_face:
its election result, not exit poll !!:wink:

Lol. Technical analysts change their opinion almost everyday.
:joy::joy::joy::joy::joy:

lol … anyway hope you learned a lesson or two :stuck_out_tongue:

when comes to events no technicals will work and this is a mega event …
anyway bull mkt is good for option sellers in general

LOL Nobody counted on this , :sweat_smile:

Yep, you are playing safe with the words support and resistance. This is what most analyst do.

If market went down, you would have said support is broken and further correction is expected
:joy::joy::joy::joy::joy:

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bhai … i give up
you win :smile:

Lol what happened next :sweat_smile:
ed6256d01ad7b3bd45fcbc326309aa41ae6bbd8a_2_690x374

I bought calls and exited with profit in the morning. Then market changed so changed my view and bought puts. Overall a good day :heart_eyes:

To some extent its true, simply because “Market is dynamic” as a trader one has to change /adjust his/her trade , as the market view changes , i am a trader , as trader , you can can understand it.

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this is how ashwani gujral makes moolah for his living :smile:
more than his calls , i never seen him acknowledging his previous calls which has gone bad

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