Trade setup for 24th May



On Friday, nifty broke all resistances and the ping pong movement from 15k to 14200 has been broken and now nifty has clearly indicated that it is going to go up only. It did break 15k on Tuesday only but there was no follow-through. Now it has crossed the high of Tuesday as well and given a clear indication that it will move higher. 

SBI earnings changed the sentiment. SBI result was not very good, but the markets liked it. Banknifty shot 1000+ points and nifty gained around 260 points. The move in many banks like hdfc bank, axis was showing that banknifty is headed higher and make that unfinished biz of all time high

When the last bear turns bull, that's when the markets turn and fall. Now 14900-800 will be very strong support. Till then any fall should be used as an opportunity to enter the market. Dont forget that we are in the expiry week and it is going to be volatile. 

I have started the "weekly recommendation program" on my youtube where I will be talking about stocks that can be traded in equity or fno. I am planning to do this every week. The link is below
https://youtu.be/Z5E47Ed9VOI

This will help beginners and people who want to get started in the stock market.

Cryptos are in pressure again. Bitcoin fell close to 10% and then came a tweet from Elon musk and from then there was some recovery. Dogecoin is at 25, ripple is at 66, bitcoin is $38k. It's interesting how this space is shaping up. It's not an easy road for the cryptos to flourish as a mainstream currency. 

Not much fall in the covid cases, but there is an improvement. Many states have increased the lockdown duration. 

MY TRADES

  1. Today I will be releasing a video on an options strategy with adjustments and simulation. This Friday, I will be doing a live trade using this strategy. 
  2. In my Zerodha account, I have taken a trade and have shared that in the telegram as well.
  3. I have executed the below strategy in nifty
    1. +1 X 15000pe
    2. -2 X 14950pe
    3. -2 X 14900pe

INTERNATIONAL MARKETS

  1. The US markets were mixed. Dow closed in the green and the Nasdaq closed in the red.
  2. Europe closed in mixed as well on friday.
  3. Today the Asian markets are in red. SGX is suggesting a 80 points down
FII AND DII
  1. FII bought for 500cr and DII bought for 650cr.


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