Trade setup for 24th December



 Yesterday was another good day for the bulls. This weekly expiry has been very critical as it was very volatile. Nifty fell 500 points and has recovered almost everything in the week. It has trapped both bulls and the bears. This is how brutal the markets can be.

Many traders have lost money in this week as it was not an anticipated move. I am still doing some firefighting to stay afloat. 

Coming to markets, IT is leading the markets. Infy bagged $2 billion from Daimler. Wipro bagged another multi-billion $ project. HCL tech CFO told that they are sitting on a record pipeline. The order flow in the cloud computing side is looking promising and the IT stocks are roaring. 

Today Bector foods will be listed. I had applied for this also but I did not get it. I have applied for Antony waste IPO as well. I don't think I will get that as well as it is also highly oversubscribed. Now is the time for IPO. All are rallying, so just go with the wave and the trend till it lasts. 

Vedanta is in focus as promoters buy 5% in the market. 

Now another version of the covid is found in a South African. Not sure if there will be a strong mutated virus which will spread like wildfire. The pharma companies are confident that their vaccine is good enough for possible mutations.

MY TRADES

  1. Now, most of my adjustment trades are in danger. But today is expiry day and I will have to play little aggressively. 
  2. No new trade was initiated yesterday as I was busy in monitoring the adjustments done. 
  3. Today I will be mostly doing more adjustments than playing expiry trades. I am thinking of keeping my volume low as markets may become volatile.
INTERNATIONAL MARKET
  1. The US markets closed in the green. However, Nasdaq closed in the red. Russel 2000 has hit ATH, S&P also hit and gave some of its gains in final minutes.
  2. European markets got its mojo back. They all closed in the green.
  3. Today morning the Asian markets are in the green. Looks like the upside rally will continue. There might be some profit booking at the 2nd half as we are going for a long weekend.
  4. SGX is showing a flat to a positive start.
FII AND DII
  1. FII bought for 500cr and DII sold for 1300cr. I think after a long time the net is negative.
  2. As expected FII volume is coming down due to the yearend factor.
EXPIRY SETUP
  1. Nifty has highest OI at 13700ce and 13500pe
  2. Banknifty has highest OI at 30500ce and 29kpe
  3. Nifty has maxpain at 13550 and that of banknifty is 29800
  4. Nifty may range from 13500 to 13700
  5. Banknifty may range from 29k to 30500.
  6. As we are entering a long weekend, there might be selling in the second half. 

 

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