🧵*Weekly Bank Nifty Analysis for 7th Oct Expiry* 🧵
To form a view, let's have a look at both:
1. Technicals
2. Data
Also, 3 strategies to deploy for:
1. Aggressive Traders
2. Moderate Risk Traders
3. Low-Risk Traders
1. Technicals
Let's start with technicals. We'll look at -
1. Daily charts.
2. Hourly / 60 min charts.
3. 15 min charts.
Formed an indecisive candle on the daily timeframe right at support. Unless we sustain below 36900 for 15 mins, the probability of a bounce is high.
2. 15 min charts.
Above Friday's High on 15 min charts, if we sustain that level for 15 mins can sell strangles.
If we gap down on Monday, only selling calls would be a good idea as the probability of the market going below 36900 would increase.
3. Hourly / 60 min charts.
On hourly charts, wait for a 1 hour close above 37900 levels to again look for Future buy opportunities.
The structure of Lower high and lower low will change to a higher high here.
Option chain data.
Shows a stiff resistance at 38000 levels. There was an addition in put writing at 37000 levels, expecting them to run for cover if 36900 breaks.
Positions haven't been built a lot so best is to wait for a day or two.