Nifty Levels & Strategy for 21/Oct/2022Dear traders, I have identified chart levels based on my analysis, major support & resistance levels. Please note that I am not a SEBI registered member. Information shared by me here for educational purpose only. Please don’t trust me or anyone for trading/investment purpose as it may lead to financial losses. Focus on learning, how to fish, trust on your own trading skills and please do consult your financial advisor before trading.
NIFTY
Nifty closed in green and Bulls are trying hard to retain the control & continue with ongoing relief rally. Today, once again Bears as well as Bulls were rewarded who traded based on good quality setup. Buy on only when price action indicate you to buy & vice versa in case of sell. Weakness in Indian Rupee is hurting Indian traders. Nifty & Bank Nifty are trading in opposite directions. We have Diwali two days of Diwali vacation prior to October expiry. Please avoid trading (specially buying) in weekly options.
Bulls have slightly upper hand based on OI data. Shall we continue to buy on dips & sell on rise with strict SL untill market trend is clear? Yes, I think so. Please share your thoughts.
NIFTY SCORECARD DATED 20/OCT/2022
NIFTY IS UP BY 52 POINTS
Name Price Previous Day Change % Change
Nifty 17564 17512 51.70 0.30%
India VIX 17.23 17.49 -0.25 -1.46%
OPTION STATISTICS BASED ON 27/OCT/2022 EXPIRY DATA
Max OI (Calls) 18000 (Open Interest: 6777500, CE LTP: 11.95)
Max OI (Puts) 16500 (Open Interest: 5910800, PE LTP: 4.6)
PCR 1.17 (PCR is in buying Zone)
Nifty Calls:
ATM: Long Buildup, OTM:Short Buildup, ITM:Long Buildup, FAR OTM:Short Buildup
Nifty Puts:
ATM: Short Buildup, OTM:Short Buildup, ITM:Short Buildup, FAR OTM:Short Buildup
