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Daily trade setup for 16th may 2019

- Yesterday nifty started in green. But there was a surprise in the afternoon where it fell and closed in the red.
- Yes bank fell as a new member was introduced into its board.
- US market closed in green. It was up by 1.13% as the trade wars tentions ease.
- European markets also closed in green.
- Today Asian markets are in red. US and Europe futures are also in red.
- I closed my Reliance trade yesterday morning when the market was in green. I made a pretty good profit.
- Will definitely reenter Reliance if markets start rallying.
- I have sold YesBank 130 put. Will convert it to cash if it turns ATM.
- FII is in a selling mood. Yesterday they sold 1142 cr and DII bought for 671 cr.
- In this month FII has sold around 8000 cr. Last month they pumped 40000 cr.
- Hindalco will be coming with its results today. So there can be a trade in this.
- Iron condor can be done or Iron fly can be done.
- I am executing iron fly. Will do counter trades if need as the day progresses. My volumes will be low as I have expiry trade to do today as well.
- Today is weekly expiry. Option pain of nifty is at 11200 and pain of banknifty is at 28700.
- Nifty highest oi is 11300 and 11000
- Banknifty highest oi is 29000
- I feel the nifty will be in the range of 11000 to 11300 and banknifty might range from 28500 to 29000
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