As is the saying, the higher the markets, less the trades. We are about to open in a resistance zone, hence fresh longs will ve risky today. Few days back, we shared the rollover data among sectors, it should payout on the long side this week.
Our analysis says, it would be a buy in dip market with stock specific trades will give us decent profits. Global markets are entering a tough phase with bank failures and FED meet coming up, hence some volatility is expected. We will keenly watch VIX for moves. First republic bank being sold to JP Morgan is a good news so market will open gap up by 100+ points.
Check our daily money making bank nifty option tips and start rolling in profit like pro traders.
Nifty. Support is placed at 18000 and resistance at 18250. We should spend some time in this range. The gap up should be assimilated well before a fresh move on either side.
BankNifty. Super mover of April series. Support is placed at 42850 and resistance at 43800.
Derivative. Data points are super bullish due to stock rollovers but index data is not that good, hence stock specific moves should come.
Strategy: Bull Put Spread as selling calls can be risky as trend is up.
