Daily trade setup for 16th may 2019

  1. Yesterday nifty started in green. But there was a surprise in the afternoon where it fell and closed in the red.
  2. Yes bank fell as a new member was introduced into its board.
  3. US market closed in green. It was up by 1.13% as the trade wars tentions ease.
  4.  European markets also closed in green.
  5. Today Asian markets are in red. US and Europe futures are also in red.
  6. I closed my Reliance trade yesterday morning when the market was in green. I made a pretty good profit.
  7. Will definitely reenter Reliance if markets start rallying.
  8. I have sold YesBank 130 put. Will convert it to cash if it turns ATM.
  9. FII is in a selling mood. Yesterday they sold 1142 cr and DII bought for 671 cr.
  10. In this month FII has sold around 8000 cr. Last month they pumped 40000 cr.
  11. Hindalco will be coming with its results today. So there can be a trade in this.
  12. Iron condor can be done or Iron fly can be done.
  13. 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.
  14. Today is weekly expiry. Option pain of nifty is at 11200 and pain of banknifty is at 28700.
  15. Nifty highest oi is 11300 and 11000
  16. Banknifty highest oi is 29000
  17. I feel the nifty will be in the range of 11000 to 11300 and banknifty might range from 28500 to 29000