Trade setup for 23rd March

 Markets are in a confused state. Yesterday I was on a call with all my fellow traders for more than 2 hours after the markets and everyone is confused as to where the markets are headed. There is no clear direction and markets are full volatile Yesterday markets fell, then recovered, again fell and finally recovered and closed in the flat territory. There was a DOJI candle formation. Still, the markets have not respected the double top formation. There is a very jittery movement in the last leg of the double top. If it falls further then I will get more confidence. I am anticipating that the markets will fall. But I will take trades only when there is confirmation. I will change my view if 15k is broken on the upside. Otherwise, I feel that there is more downfall for this market. 

Banks are very weak. Yesterday all other sectors were OK, but it was the banks that fell drastically and dragged the markets. 

$ index is below 92. So there may not be more fresh FII money.

Germany has extended the lockdown till April 18th.

Uday Kotak says that the economy is 95% back to precovid levels. I feel that markets have factored that. That's why we rallied from 7k to 15k. This news may not be taken with much enthusiasm. 


  1. ITC is in its mojo. I have executed the below trade
    1. -1 X 230CE
    2. -1 X 230pe
    3. -1 X 250pe
  2. I have positions in April expiry. I don't have many positions in the current expiry as the directions are not clear for me.
  3. From today, I will be trading in weekly expiry in my Zerodha account with a capital of 2lak for the benefit of small traders. I will share them on all social media channels. Especially in telegram. The telegram link is below
  1. The US markets closed in the green.
  2. European markets closed in the flat zone.
  3. Today Asian markets are in the flat zone as well.
  1. FII sold for 780cr and DII sold for 582cr
  1. Crude is at $63.86
  2. $ is at Rs 72.5

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