- Both Indices are closed negatively.
- FIIs are net sellers (sold approx 360 Cr)
- CPR width widened for tomorrow compared to today's CPR width.
- Bank Nifty closed below the CPR width, which indicates the bearish sentiment
- Support for bank nifty is seen at 31126, 31050, 30888 and 30760
- Resistance for bank nifty is seen at 31229, 31326 then 31500 levels
- expecting that tomorrow if Bank nifty sustains the level 31050, there is a possibility of short covering rally.
- As mentioned in my previous blog that Bank Nifty likely to trade between 30800 and 31800 level for this expiry. if it breaks this level 30760, we might also see soon 30500.
- max pain down by another 100 points which is 31300 on weekly basis.
- PCR also down for both Nifty and Bank Nifty on closing basis which indicates bearish sentiment.
- As per market participation data, equal OI added on index futures both long and short side.
- But they bought more puts than calls and shorted more calls than put indicates bearish sentiment.
- Long to short percentage is 42% long and 58% short side by FII.
- Planning to the short straddle 30800, 31000, 31200, 31400, 31500, 31600, 31800, and hedge with 30500 PE and 32000 CE on weekly basis.
- if there is a short covering and if bank nifty closes between 31400 to 31500 level premium may fall on both sides.
- Monthly 30500, 31000, 31500, 32000, 32500 short straddle.
Disclaimer: I am not a SEBI register advisior, The above trade setup is purely based on my own study and analysis. i am not giving suggestions to buy / sell specific options. please consult your financial advisors / do the due diligence before taking any trade.
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