I Feel nifty level 10387 is important on closing basis, you are right that 10360 being a good resistance level even on Nifty future level of 10364/10379, i am holding a OTM PUT option , let me see what happens tomorrow
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OTM put for November series?
Not sure if there is enough time to fall to a good extent. But if it’s in December, i think its a good bet. Unless there is some good upward push, its hard for nifty to hold this level.
Nifty able to cross important level of 10387 with struggle , European Market supported, higher levels for Nifty is possible , but one needs to be trade cautiously by reducing volume, Higher level for Bank nifty possible but uncertain. Interesting thing is that Nifty chart comparable to Reliance chart , while HDFC Bank chart comparable to bank nifty chart., Reliance moving to new high , same for Nifty .
Resistance for nifty being 10490 / 10536 , For BN resistance being 25791 / 25834
My OTM PUT gone in to water , i bought it for hedging , but my trade on NCC & Tara Jewel bailed it out.
Nifty is gaining slowly , todays market action indicates , till the NOV month expiry or till state election results nifty move will be upwards and then take a plunge, same thing for BN, Metal Index one of the early mover during 2016, will continue to correct , Support being 3690 level.
Support for Nifty being 10382 and resistance being 10425 For BN support being 25830 & resistance being 25987 as todays market observations
Momentum for the market is dropping, a kind of “hinge” formation being happening especially for , PSU banks Metal index correct further, sudden drop in metal index is possible.
For almost , better half of the day Bank nifty low was exactly at 25830 , dropped below it , but able to close above it. so on closing basis 25830 level being good support for BN
Nifty not able to close above important level of 10382/ 10387, its upside is dented. next support for nifty being 10352 / 10347 / 10330 / 10322
For BN support being 25800 / 25775 / 25757
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Nice effort from your side, to summarize the daily movement (which is very small for the last few days) into a narrative.
Just a small suggestion, the title doesn’t make much sense now considering the nature of the posts. Can we instead rename the thread/ start a new one, like this one (Weekly Banknifty Tracking upto Nov Expiry - Views/Trade ideas) but for nifty? That’ll help also bring more participants to the topic.
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I totally agree with your suggestion and even I am planning to start a thread to track Nifty starting from December. Kudos to @q45 for sharing his view continuously on this
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Tomorrow we can have directional move for next week after seeing steady move for a week.
Thank you. for the Kudos and to @Vigneshwaran_Vick also , you both are good in Option analysis, And your kudos makes me feel that my insight are good & makes me confident that i am not wasting viewers time. my idea was to share and get updated myself , not, to be a solo… Yes you are right , the title is not matching one , in-fact i was thinking to change it , it is difficult to get best head line , but i will not run this thread forever , if i feel it reached a certain level , i will stop it
Thank you, i appreciate your Bank nifty option analysis , Since you are already running a good thread ( Weekly Banknifty Tracking upto Nov Expiry - Views/Trade ideas) you can continue with that , and also i would like to suggest you that , if you don’t mind…, that never carry forward any options , even if it is in profit or loss , unless a high trending market or INDIAVIX continuously closing above 16
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True that Bro. That’s a hard lesson I learned and never carry forward an options contract unless I am sure about the trend. By the way, I recommend you to continue sharing your views on Nifty either in the same topic or we could together open a one and start tracking NIFTY. What say brother ?
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Metal index is at make or break level, PSU bank index is weak and may drag Bank nifty further down. Narrow range for Nifty may continue , divergence between Reliance to Nifty , HDFC Bank to BN is bit of trouble. Nifty being breaking support levels on daily basis & trading in a narrow range will continue , considering monthly FNO expiry volatility will be more.
Support for the nifty being 10352 / 10340 … 10319 / 10315 Support for BN being 25772 / 25730 / 25725 and on closing basis BN support being 25679 / 25623 / 25570
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guys what do you all think about gdp numbers outcome ?? i have a strong feeling that banknifty can go 26200…26300. but coming gdp news is stopping me from buying at dips. kindly share your views on gdp numbers.
Any thoughts why nifty is falling so much with gap down opening and still falling?
I am not sure.
India updates on third-quarter GDP on Thursday.
OPEC meets in Vienna on Thursday.
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Now what is the next support for Nifty ???
Is it start to rally towards 10500 again ??
Nifty has taken exactly earlier support of 10260, further down support being 10250/ 10219 / 10190 / 10085 - 10068
For BN further down support being 25500 / 25388
All the Government reports , in INDIA and all over the world on GDP / Inflation / Economic status / IP are all stage managed, reacting to that is fruitless, not offending you , " FUNDAS " are not much useful for trading
Its the Bank nifty and Reliance drag downed Nifty
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Both PSU banks & Metal index contributed dragging down Nifty & BN. PSU bank index is giving up its gains , and also in Metal index , short rally’s possible in Metal index, but its long term trend weakened.
Todays market actions seems to be, that, market is expecting some unwanted events.
May be tomorrows market closing will give hints to market direction
For the second time Nifty is on major trend-line violation, Made lower high. Nifty levels of 10165/ 10135 . 10020 are important , if Nifty closes below it , there will be more or sharp correction is possible. support level being 10190/ 10165 /10135 / 10078 / 10020 / 9985
For Bank nifty 25211 / 25045 are important levels, support being 25200 / 25160 / 25030/ 24840 / 24000 / HDFC Bank charts are not giving clear direction, a bit of worry , and for Reliance a double top confirmed , important level being 882