Trade setup for 8th Feb



 Yesterday was another blood bath in the market. Nifty fell 300 points. At one point it was down by 400 points. Tata steel and SBI were in the green as it was reacting to its numbers. 

We touched 20 DMA and have fallen drastically from there. Now 20 DMA is a strong resistance. For the weekly expiry, one can sell calls above 20 DMA.

The way ITC shot up during the budget looked as if the stock was preparing for a breakout. But it looks like it was just a false move. Yesterday it fell 5rs. So the dividend which they gave is gone. Lets see if this will be recovered.

Now we are at a very very important support level. If today markets close in the red then you can expect more weakness in the markets.

Nifty futures is at a discount. This shows that the weakness is there in the market.

RBI may allow NBFC to provide credit card. 

Today we have Adani Wilmer which will debut. Grey market premiums are higher. So it may open in the green. Lets see if the markets support this. Now Adani has become the richest in India beating Ambanis.

Dow jones shot up 250 points but it fell and closed in the flat zone. Nasdaq was in the red and closed in the red. 

FED told that there might be 7 rate hikes this year. This did not work well with the markets sentiment and the markets fell.

RBI policy is postponed to Thursday. So now it is on an expiry. Lets see if this expiry will be volatile due to RBI.

MY TRADES

  1. Today I will take the below trade. It looks like the dip what we are seeing in the market may not be bought
    1. +1 X 17500ce
    2. -2 X 17700ce
    3. -2 X 17800ce
    4. -2 X 17900ce
  2. I have expected the below trade
    1. -1 X 1620pe infy
    2. -1 X 2300pe RIL
    3. -1 X 760pe icici
  3. For weekly, I am doing the below 
    1. -10 X 17700ce
    2. +1 X 17300ce
INTERNATIONAL MARKETS
  1. The RUSSIA- UKARAINE is not settling. The western media is mentioning that Russia may attack them anytime soon.
  2. The US markets are weak.
  3. Europe closed in the green.
  4. Today the Asian markets are flat. SGX is also flat.
CRUDE AND $
  1. Crude touched almost $94 and fell back to $92
  2. $ is at Rs 74.5
FII AND DII
  1. FII selling was only strong. Now even DII is joining the selling party.
  2. FII sold for 1157 and DI sold for 1376

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