NIFTY approaches 16800 - sharp reversal?
Atualizado
- Multiple supports at 16800, however tremendous selling momentum to the downside could carry it just below to 16750
- 16800 is the 2 ATR level as well (which is rarely broken even in the sharpest of falls) - looking back 3 years
- Cover shorts at 16800 - then wait for the next move. If nifty heatmap shows sustained green / buying across stocks then sell a put spread at 16800 to play the bounce
- Once the market does bounce / fails to bounce at 16800, we will take a fresh view
Trade fechado: objetivo atingido
Worked out really well as the 16800 level was tested. Covered the long puts and sold put spreads (small quantity) in Banknifty. Hopefully goes back to the 21 EMA - thats the 17300 level. Will see what happens if and when we reach 17300
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