Trade setup for 28th March



 Market is putting smile on both bulls and bears. From past few days, the first half is in the hands of the bulls then in the second half its in the hands of the bears. 

Yesterday, nifty shot up more than 100 points then came to red and then closed in the green. Banknifty is the weak sector. Reliance is bouncing at 2200 levels. If goes to that level and then there is a huge buying. So it looks like 2200 is a strong support. If that is broken convincingly then it can fall further. Till then its a buy on dips rally.

Now there is no major event that is happening in the world or India unless something happens surprisingly. So for now the markets may not fall too much from here. As I told yesterday 17200 - 16800 is the range. 

Nifty has to move 400 points from here in 3 days to make the monthly candle green which may not happen and we will be closing the month in red. That makes it 4 consecutive candle in red. This has not happened many times in the past. Markets s all about making new records.

There is too much happening on the crypto space. The US regulators have sued Binance for violating some rules with respect to derivatives trading. The cryptos which were having a good rally fell yesterday. 

So for now, it looks like the banking crisis seems to be over unless some other bank comes out and says that they are in trouble. SVB, Credt suissse, Duetche bank are all solved at the moment, or the major impact that might have happened has been avoided. So seeing this, the beaten down banking sector should see some recovery in the next month. This is the last week of financial closing and you can expect some volatility where there will be loss covering, profit booking happening for the taxation purpose. So April series can be a green series.

MY TRADES

  1. Algo closed in the green with a profit of around 2k. But, for the month its still n red.
  2. I closed many of my stock options as margins have started to increase. I closed all in decent profit.
  3. For April series i will be doing the below trade
    1. +2 X 17000ce
    2. -1 X 16900ce
INTERNATIONAL MARKETS
  1. US and Europe closed in the green as the banking crisis seems to be settleing.
  2. Today the Asian markets are also in the green. SGX is up by 50 pounts.
FI AND DII
  1. FII have again sold nd the selling is falling. They sold for only 800+cr and DII bought for 1800+cr
CRUDE AND $
  1. $ close to $82
  2. Crude is below 75

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