BANKNIFTY - Stay Short
Aggiornato
* Touched the trend channel and now turning lower
* Will test the low of 39500 before a bounce back - that maybe a place to take some profits
* 39000 can be taken out as all components - HDFC, ICICI, SBIN and Kotak are showing breakdowns below key levels
* Will have intermitten boucne backs - however those have to be sold
* IV at 14% is still very low given the risk of sell off.
But Apr puts at 41000 for 600 - that only 1.5% premium for a 45 day trade
* Will test the low of 39500 before a bounce back - that maybe a place to take some profits
* 39000 can be taken out as all components - HDFC, ICICI, SBIN and Kotak are showing breakdowns below key levels
* Will have intermitten boucne backs - however those have to be sold
* IV at 14% is still very low given the risk of sell off.
But Apr puts at 41000 for 600 - that only 1.5% premium for a 45 day trade
Nota
Take half profit at 39500 and the rest at 38700 if it goes below.Trade attivo
Nota
Could give a bounce back above 40,000, however not really technically out of the woods yet. Typically a reversal would be on high volumes, broad based buying - yet to see thatTrade attivo
Take off half profit and let the rest ride. Ideally if you have taken ITM puts, then just leave them till BN shows clear signs of reversal - as of now none. WIth European Banks getting smashed - BN could test a low of 38000 - which is a 2X if the expected move priced by options - stay short & stay strong
Trade chiuso: obiettivo raggiunto
Closing this out and waiting to see if the market bounces back sharply from here? if it goes back to the trend line of 21 EMA
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