Trade setup for 16th Jan



 I am convinced that 17800 will not be taken out in this month's expiry. There is a bottom that has been formed. So I am bullish from here. Now the new range will be 17800-18200. In this 17800 is a strong support and it looks like we will have a breakout and nifty might go higher. The probability of nifty going lower is less.

By chance if 17800 is broken, then close all the long trades and go short aggressively. This will be my trade. The loss what I make in the long trades will be recovered in the short trade later. I don't think I will get that chance. But we need to have a plan B always.

Look at vix. Again its falling which is a good indication that the markets will go higher from here. You may get a pre budget rally from here.

The IT numbers did not make any impact on the stock market. HDFC bank numbers are out and it looks like the numbers are good. The US banks numbers were not good and the markets did not take them well. But Indian banks numbers are expected to be good. We still have RIL, ICICI numbers to come out.

Today the US markets are shut. So here, the markets can be choppy. For intraday traders, the candles can be huge which will hit your SL's. So be careful.

Over the weekend, China reported huge number of covid cases. But today the global markets are not reacting to that at all. I expected some jittery in the market. Looks like now covid will not scare the markets.

The cryptos are rallying. Bitcoin is above $20k after a long time. It was around 16k for a long time. Not sure if it is a good time for entering this as RBI has suggested for a complete ban on this. The returns and the movement is lucrative in this.

MY TRADES

  1. So for the jan series, I am executing the below trade
    1. +1 X 17800pe
    2. -3 X 17700pe
    3. -3 X 17600pe
    4. -3 X 17500pe
  2. I am selling PE in many beaten stocks and I am willing to take delivery if it becomes ITM
INTERNATIONAL MARKETS
  1. No US markets today
  2. Asian markets are in the mild green. SGX is suggesting a +ve start
FII AND DII
  1. FII sold for 2900+cr and DII bought for 1900+cr
  2. For this entire month, the FII have sold. They have sold for almost 17k cr

CRUDE AND $
  1. Crude around $85
  2. $ at 81

    

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