Banknifty Chart analysis and trend movement for 29th March

٢٩ مارس ٢٠٢٣

Sideways to bullish trend seen on the chart for Monthly Expiry
Expiry means caution in position sizing
Watch out for swings intraday at 10.30-11.00, 12.15, 1.30 and 2.30. Likely to get volatile with gamma moves after 1.30pm
CPR Weekly and behavior above BC towards R1 is what I will keenly watching.
Overnight SGX move bodes well for NIFTY. However NIFTY and BANKNIFTY dont necessarily correlate well intra day.

٢٩ مارس ٢٠٢٣

تم فتح الصفقة

Sold 39200 PE far OTM. Market has broke above Trend line and resistance. Will be surprised if it doesnt touch 40080 later today.

٢٩ مارس ٢٠٢٣

تم فتح الصفقة

Sold a strangle 40300 CE given the resistance. Will sell 40100 once 40300 decays well..

٢٩ مارس ٢٠٢٣

تم فتح الصفقة

Expect market to test 39600 once (usually a test 200EMA is normal mid day around 1-1.30pm. Lets see

٢٩ مارس ٢٠٢٣

تم إغلاق الصفقة يدويًا

Status check - where did we end.. :) 39200 PE Expired worthless. 40300 CE Expired worthless. 40100CE was a challenge hit Trailing SL twice due to gamma and ate some of my profit.

What's good was the market behaved as I stated earlier today. Expiry was just below R1 around 40100. Market tested R1 going almost as high as 40055.5.

Good day overall despite the volatile moves in the 2nd half.