Banknifty Weekly Review (3)

UPDATE (30/6/2020)

I have closed the position although I still have a good range to still be profitable but today PM is going to address the nation at 4pm so, taking off the excess risk is best way to manage risk.

Closed with Profit of 14,000

For 2/7/2020 expiry

For last expiry trade and adjustment click here.

TRADE DETAILS

  1. Margin Required – 8.2L
  2. Max Profit Rs. 33,000
  3. Upper Protection – (Banknifty 23206 or 7.48%)
  4. Lower Protection – (Banknifty 19293 or -10.67%)
  5. Delta – Neutral
  6. Probability of Profit when Initiated 87%

For more information refer the screenshot at last.

Technical Analysis

Nifty looks bearish on charts with immediate hurdle at 10412 level. Next resistance is at 10500 level. Nifty has very huge support at 10,000 and it is a psychological level as well.

Banknifty looks mildly Bullish.

Open Interest (OI)

Nifty has highest CALL OI at 11,000, and highest OI on PUT side is at 10000.

Aggressive fresh writings at 10,500 CEs.

Banknifty has highest CALL OI at 23,000 while on Put side 20000 level.

Fresh writings at 22000 on CALL side and 20000 on PUT side.

FIIs DATA

While looking at their open interest they are short on Nifty and neutral in stocks future.

The data is negative in nature.

NEWS

  1. Covid cases continue to rise across India
  2. India-China stand off tensing again
  3. Fuel Prices increased yet again

PCR

NIfty 0.89 = negative

MAX Pain – 10,300

Banknifty 0.77 = -ve

MAX Pain – 21,500

GLOBAL Cues – Neutral

Have Initiated the following strategy in Banknifty. It is a Ratio Spread, will try to close it at 50% max profit on Monday if i get the chance or will adjust as the market reacts on Monday.

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s

This site uses Akismet to reduce spam. Learn how your comment data is processed.

%d bloggers like this: