So far since 23 Mar bears are trying hard but their stop-losses are getting hit again and again. They had a very few intraday chances where they succeeded.
Now time has come for this entire upmove to be retraced. This retracement wave will continue till 24th Apr. Most possibly it will go to 61.8% level as shown in the chart.
This downward wave is Wave 2.
I will buy deep in money #Nifty option and 9:30 and avoid #BankNifty altogether.
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Will buy #Nifty 1Apr 0800 PE at 9:30 today.
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^ 10800
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Correction: Will buy #Nifty Apr 10800 PE at 9:30 today.
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Bought at 398, stoploss 330
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As this is a sideways retracement kind of wave, it will take time to go dowm.
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Exiting stoploss hit
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will go short again tomorrow. Will buy the same option at a cheaper price.