Today Nifty formed a bearish candle and heading towards 9950 support. Gann followers predicting low near 9826 on 29th October. This is 10 year cycle completion from last crash.
Please follow my trade journal to know why 29th October is so important.
Market reached to a bottom around 930 AM and I need to adjust my position to increase my profitability and reduce option long position to avoid weekend theta decay.
Click the link to know more on my monthly income plan using option trading
Update after 26th Oct market closure: Some legs covered today that resulted a profit of 4200.
My view about Nifty
Business cycle follow movement of moon north node. Moon north node is now in cancer. Based on past market behavior it indicates long term bear trend.
Nifty is already below its 200 MA
As an option trader, I follow weekly cycle and nifty just took support on 100 week moving average. Next support will be 200 week morning average.
Current positions
Long Nifty Dec 10000 PE 600
Long Nifty Dec 9000 PE 75
Short Nifty Nov 10200 CE 75
Short Nifty Nov 9500 PE 1275
Nifty Future long
Greeks
Delta 15
Theta 1868
Vega -1635
Gamma -0.35
Theta/Vega = 1.15
Negative Gama will be profit if Nifty's southward journey.
Estimated PnL on expiry day
With current volatility
9360 88000
9500 200000
10100 88000
Market view for 29th October : Market my witness gap up or gap down because day star is Rahu. Technically, emotion is very bearish.
RSI shows market is oversold so a pull back to Fibo level 10600 is possible.
Adjustments:
Please follow my trade journal to know why 29th October is so important.
Market reached to a bottom around 930 AM and I need to adjust my position to increase my profitability and reduce option long position to avoid weekend theta decay.
Click the link to know more on my monthly income plan using option trading
Update after 26th Oct market closure: Some legs covered today that resulted a profit of 4200.
My view about Nifty
Business cycle follow movement of moon north node. Moon north node is now in cancer. Based on past market behavior it indicates long term bear trend.
Nifty is already below its 200 MA
As an option trader, I follow weekly cycle and nifty just took support on 100 week moving average. Next support will be 200 week morning average.
Current positions
Long Nifty Dec 10000 PE 600
Long Nifty Dec 9000 PE 75
Short Nifty Nov 10200 CE 75
Short Nifty Nov 9500 PE 1275
Nifty Future long
Greeks
Delta 15
Theta 1868
Vega -1635
Gamma -0.35
Theta/Vega = 1.15
Negative Gama will be profit if Nifty's southward journey.
Estimated PnL on expiry day
With current volatility
9360 88000
9500 200000
10100 88000
Market view for 29th October : Market my witness gap up or gap down because day star is Rahu. Technically, emotion is very bearish.
RSI shows market is oversold so a pull back to Fibo level 10600 is possible.
Adjustments:
- If market is going up, will add Nifty long , square off 10200 CE
- If market is going down, square off 9800 PE and sell more call
My target is to earn 8000 from this position and 4000 already credited. I expect I will meet the target on Monday itself.
Nifty view for November
My friend Bramesh published a thoughtful analysis on Nifty based on astrological events.
Nifty view for November
My friend Bramesh published a thoughtful analysis on Nifty based on astrological events.
Very nice update...
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