Banknifty approaching upper band of 3 months long channel. Still some points to be covered on upside.
Then caution needs to be maintained for longs. Hedging positions is one way. 37500-38000 CE can be shorted against future positions or ITM calls.
Hedge only if you have experience in doing so, else maintain a tight stop loss.
Giants like HDFC Bank is facing difficulty to move upside. This pull is mainly by Indusind bank. Until and unless the likes of HDFC Bank, ICICI Bank and Axis Bank show a strong upside move, there will be a hurdle in crossing 37500-38000 in September month.
Option chain data also suggests 37300-37500 to be resistance zones.
Disclaimer: All investments and trading in the stock market involve risk. Any decisions to place trades in the financial markets, including trading in stock or options or other financial instruments is a personal decision that should only be made after thorough research, including a personal risk and financial assessment and the engagement of professional assistance to the extent you believe necessary. The trading strategies or related information mentioned in this article is for informational / educational purposes only.
Then caution needs to be maintained for longs. Hedging positions is one way. 37500-38000 CE can be shorted against future positions or ITM calls.
Hedge only if you have experience in doing so, else maintain a tight stop loss.
Giants like HDFC Bank is facing difficulty to move upside. This pull is mainly by Indusind bank. Until and unless the likes of HDFC Bank, ICICI Bank and Axis Bank show a strong upside move, there will be a hurdle in crossing 37500-38000 in September month.
Option chain data also suggests 37300-37500 to be resistance zones.
Disclaimer: All investments and trading in the stock market involve risk. Any decisions to place trades in the financial markets, including trading in stock or options or other financial instruments is a personal decision that should only be made after thorough research, including a personal risk and financial assessment and the engagement of professional assistance to the extent you believe necessary. The trading strategies or related information mentioned in this article is for informational / educational purposes only.