Most Important qualification of successful Trader is “SILENCE”. Keep your own silent counsel – keep your victories and your failures to yourself – learn from them both.You should not go on and keep on Boasting your victories and Sit on sidelines during a string of losses.Just take PL as it comes accept it and continue your journey as a Trader.This virtues do not come automatically to the stock market trader.
Looking at Hourly charts Nifty took support at the lower trend line at 4918 region and bounced from the same. 4905-4920 is the support zone for whole series where Nifty came and bounced back for 5 times. Today is expiry and break of 4905 will lead to gap filling till 4870 levels.
After filling the GAP nifty can give a sharp bounce back till 4900 levels.
Today is September Series Expiry Now What has Nifty done in whole series, We came for pessimism of August correction, 1 Day of series Nifty made a low of 4720 and never revisited again till today.
As such we are trading in a 5169-4756 ie. 413 Point range. 5169 levels came twice and lows of 4720 and 4756 came.ie. Formation of both Double Top and Double Bottom(Not exactly but for sake of analysis will consider)
This Kind of moves traders looses maximum money in anticipation of breakout.
Always remember:Never Trade in expectation of results rather trade what Screen is showing with rational mind.
On Weekly charts Trendline Support and resistances are showing the effect.
Nifty High of Series:5169
Todays close 4946 Hence Bulls and Bears Both are neutral, Closing will be an exciting to watch
Where will Nifty Expire ?
Looking at Options Data 4900 CE has 6.5 in Open Interest and 4900 PE has 6.8 Lakhs in OI. Fight is going on for 4900 Levels.
Watch out for Unwinding in 4900 PE/CE closely during market hours.
My Guess on Expiry
Below 4900 we may expire at 4865 or 4839.
Personal Advise please do not buy options in anticipation of certain levels on Expiry day for astronomical returns if you want to to gamble go to GOA Casio’s ….
Levels to Trade:
Buy above 4957 Tgt 4994,5020
Sell below 4905 Tgt 4870,4839
Levels Mentioned are SPOT Level. market are going to be choppy today because of Expiry pressure Sharp Wild moves will be the Order of Day, Try to trade with Less QTY to avoid whipsaws