Trade setup for 8th July



 Yesterday, again we are near the upper range. Nifty is playing ping pong from 15600 to 15900. I thought we were overbought and nifty might fall a bit but nifty has a different plan. Many sectors are now contributing. The major ones are banks, Autos and metals. Banks are on fire as that is one of the underperformed sectors and the unfinished biz of all-time high is still pending.

The US markets closed in the green and the Nasdaq made another record close. S&P also made a record close.

The fed minutes which happened did suggest that the recent inflation is temporary.

Today we have the TCS results and we will be starting the earning season. Let's see if this earning season will take the nifty above 16000.

Yesterday the Haitian president was assassinated. So there is some chaos in that country. Since it is a small country, it may not impact the stock markets. If it was a big nation and if a VVIP was assassinated then we could have seen a lot of impacts.

Today is the weekly expiry and I hope that today we may not be very volatile.

MY TRADES

  1. Today is TCS results and I am planning to do an earning trade. Will be doing a youtube video on this if I do.
  2. In my Zerodha, I had executed an iron condor and it looks like we will be exiting in pretty good profit.
  3. The upper range is getting rejected. So for today expiry I will be executing this and I will be doing it with huge volume. I am also planning to close my trades which are in profit and do the below trade.
    1. +1 X 15800ce
    2. -1 X 15850ce
    3. -1 X 15900ce
    4. -1 X 15950pe
    5. +2 X 16000ce
  4. This is a buy on dips market. Use every dip like these to buy into the market. The view will change if 15600 is broken on the downside.
INTERNATIONAL MARKETS
  1. The US markets close in the green. The tech was the leader. Looks like TCS will be a winner in today's results. Expecting it to move higher. S&P was in green for 7 days. Day before yesterday it broke that and closed in red. 
  2. Europe close in the green. 
  3. Asian markets are in red today. Will be interesting to see if TCS can do the magic?
  4. SGX is suggesting a -ve openeing.
CRUDE AND $
  1. Crude is falling. It has fallen almost 6% from its recent highs which is good for India. We need to wait and see if this is a minor pullback or a fall. Things will be confirmed if it is below 75 or above 80
  2. $ is at Rs 74
FII AND DII
  1. Yesterday the FII did buy. But they have been selling for some time now.
  2. Let's wait for some more days to see their behaviour. It will be interesting to see what FII will do when the breakout or breakdown happens
EXPIRY SETUP
  1. 15800 and 16000 has the highest OI in nifty
  2. Banknifty has the highest OI is at 36k and 35k
  3. Nifty has the max pain at 15850 and that of banknifty is at 35600
  4. Nifty may range from 15800 to 15850
  5. banknifty may range from 35k to 36k


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