Banknifty Update:
Current Auction of banknifty indicates that there is a fight going between Bulls and Bears.
When prices are testing lower paramenters of Today's range, Sellers are getting absorbed and when prices are reaching the Day's high parameters, the buyers are getting absorbed.
In these scenarios it is always recommended to wait for one side to become winner and then you can take the trade accordingly.
so, if banknifty is able to give upside breakout - retest and continuation, then you are good to buy ATM or, Slightly ITM Calls and hold them as per risk rewards ratio.
If banknifty gives breakdown, then it is better not to trade today because prices have multi support levels sitting on bottom end and moreover yesterday, there was aggressive shorting of Put options took place in banknifty.
Nifty is bullish as of now and it can have potential to push banknifty prices up as well.
Current Auction of banknifty indicates that there is a fight going between Bulls and Bears.
When prices are testing lower paramenters of Today's range, Sellers are getting absorbed and when prices are reaching the Day's high parameters, the buyers are getting absorbed.
In these scenarios it is always recommended to wait for one side to become winner and then you can take the trade accordingly.
so, if banknifty is able to give upside breakout - retest and continuation, then you are good to buy ATM or, Slightly ITM Calls and hold them as per risk rewards ratio.
If banknifty gives breakdown, then it is better not to trade today because prices have multi support levels sitting on bottom end and moreover yesterday, there was aggressive shorting of Put options took place in banknifty.
Nifty is bullish as of now and it can have potential to push banknifty prices up as well.
Elixir Order Flow Trading
Banknifty Update: Current Auction of banknifty indicates that there is a fight going between Bulls and Bears. When prices are testing lower paramenters of Today's range, Sellers are getting absorbed and when prices are reaching the Day's high parameters…
Have a look at our View that we gave in the Morning Today