iCharts Discussions

[apka]

31600ce at 5.5 .. trgt double +

[apka]

Did anybody take advantage of the wild up and down .. both ce and pe multiple trades .. best volatile expiry day in months.

[apka]

I am expecting 31265 appx close .. so if chance comes to buy 31300pe at 2-3 i i will

[apka]

[riteshucha]

brilliant apka.. i m shocked at this turn again.. simply outstanding reading

Ritesh

[apka]

Thanks Ritesh. Much appreciated

Final closing 5+ points from expected figure for BN 31265 .. not bad eh.

Some trades did go wrong as posted, i acknowledge.. and unfortunately i could not update in the last 1-2 hours. The volatility was too good to not be traded and prices moved quick.

I will try to stick to levels and timeframe rather than giving my trades. People can make their own judgement call what to trade. Is that better or me giving my own is?

Hope 31300pe was taken advantage of in the end.

[RAJDESAI1967]

apka...ji.appreciate that..even ..in your busy trading schedule...you are updating here.....

[riteshucha]

couldnt really take advantage, because quite frankly, i almost dismissed your reading and thought no way 31265 is going to touch, specially when it was trading at 31440+ at one point.

would really appreciate if you continue posting your own trades, it helps me understand a lot.

once again, i m amazed at your pin point reading of the market moves... keep going.. kudos!!!

[riteshucha]

apka,

if i may ask as to how did u read it will close near 31265?? i was certain it will close above 31400 today!!!

[apka]

Let's work it out in reverse, why did you think it will close above 31400

[riteshucha]

attached chart of bank nifty

after taking out bearish engulfing candle of 14th june yesterday, today i was confident it will attempt to close above the LH of 11th june i.e 31400 to become super bullish.

got stumped with the last hour move. may be one re-visit of 30800 possible before attempting to scale 31400 again.

ritesh

[apka]

In your chart there is a horizontal green line at today's closing level... Walk backwards on the line you see it touch high, low, closing, opening levels of different candles... the previous high made zone within the chart. (So that reference marks it as an important level) ... thats the level of 31265-70 approx.. which means its going to play important effect in stopping or continuation of the upmove.

So it had to act as a resistance but Banknifty just went up in mrng crossing that level and touched 31490 approx where +ww (one setup) completed .. so i expected a little sell off... But the way Banknifty gave away showed support was not made for upmove... And the retracement after the fall took it back to the near highs of today .. fast moves don't last

After that i decided how Banknifty will playout post 3pm... It wouldn't be able to hold.

And why not below 31265?.. because as soon as Banknifty went red the selling stopped and reversal happened.. so it wasnt going to be near 31200 .. that would imply sellers were more in control of mrkt which is not the case ... So until we close above this level which became resistance / support level and also have a weekly close above it, bn won't just run off as it did in last 3 days.

That's the thesis on which i arrived at that level.

[riteshucha]

Excellent analysis.. thanks for the explanation

Ritesh

[apka]

Bought 30500pr at 50 for trgt double

[apka]

PNB cmp 80.xx .. trgt 94-95 if crosses 85

Will exit 30500pe early maybe in 60s.. sl its day low.. premium eating happening