Momentum given by fatty brother is over to Banknifty; All Other dominate players would like to rest. Attached Axis Bank Chart
Huge in-flow to MF supports market.
Popular MF stops buying fresh funds and it means that market can
go up in long term.
Nifty is in last segment of Fibonacci retracement (100%).
Trend support is still at 8780 and pivot support is at 8700.
Huge resistance is at 9000.
MACD positive cross over has happened.
There was no significant long and short position added to nifty
No fresh shorts added to Nifty stocks other than banking stocks.
Only long position is getting added. Just enjoy the rally till
Bollinger band started moving in sideways.
Momentum of uptrend is coming down, but not bearish yet.
RSI is going up and ADX is going up.
Nifty is looking bullish than Banknifty today.
ICICI Bank is up and HDFC Bank is down in USA.
Apart from HDFC Bank, I do not think any other banking stocks
Good news in HDFC bank is already discounted.
Axis Bank is stuck at range 470-500 with RSI bearish divergence
and MACD negative cross-over.
Fibonacci convergence (2 segments) buy is at 470 and sell is at
Attached the chart explaining the same.
Banknifty will be less volatile from here after.
There was no significant long and short position added to
Banking stocks including HDFC Bank.
However fresh shorts have been added to ICICI, Yes, Indusind and
Trend-line support is still at 20000 and pivot support is at 20400.
BNF will be in consolidation with neutral bias.
Time to create more Short Straddles and hedge the same using
Taken Short Straddle at Banknifty March 21000 CE and PE with
around premium 900 as I am bullish.
Sold out Banknifty Feb 21000 CE to hedge all my bullish position
taken in March.
Bought Nifty March 9100 CE for safety
Sold out Nifty March 9200 CE double the quantities.
Taken Short straddle at Nifty March 9000 (CE and PE).
Effectively I have short straddle at 8900 (6 lots). (SS 8800 (2
lots) + SS 8900 (2 lots) + SS 900 (2 lots).
I am planning to cut and move from Feb 21000 to Feb 21100 as Banknifty
Market moves as per the plan. Will try to sell 18500 PE for the
Will try to sell 22500 CE if opened
Having free cash 25% now.
|NRML||BANKNIFTY17MAR20000PE NFOADD EXIT||+80||221.00||180.00||-3280.00||-18.55%|
Jegathesan Durairaj, a mathematician by qualification, an Ex-software professional and now a full time Risk Defined Option Writer. With his Open Book Strategies, he is the most known identity in twitter as itjegan, with huge followers. He had won Zerodha 60 Day Challenge – 10 Times round-the-clock. He is one of the prime Option Writing Trainer and tutored close to 1000 members till now.
He is the Mastermind of CapitalZone – Active Option Trading where Traders can avail Trading Chart with customised indicators, FNO tools and Payoff analysis. His keynote is to provide whole FNO deets to be handy for Traders in a sole place.
Now he is taking more heed on hedging portfolio in Option Writing where we might subject to more market risk. He is streamlining his strategies often and improving perpetually. At this time unfolding ways to measure good-quality Trend Following System.
Conducting workshop in all Metro Cities (Delhi, Mumbai, Bangalore, Chennai and Coimbatore) often based on queries from Traders.