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Daily Market Analysis 02 Feb 2023 Thursday

Market Structure : Bearish

Nifty Analysis :

1. What a day it is, Nifty almost covered the entire trend channel in intraday. See hourly chart below.
2. Nifty and Bank Nifty both exactly rejected from the level that I posted in Daily Market Analysis 27 Jan 2023 Thursday. See 15 minutes chart below.
   • You can check the chart’s time from tradingview.com above the image, when it was taken from the above page.
   • And I said Nifty may retest this level in Daily Market Analysis 31 Jan 2023 Tuesday
   • Read all these posts, there is a logic to everything and it is not random.
3. After today’s range, there is no view. We need to wait for one more day to see what the market is going to do.
4. Tomorrow can be sideways day with volatility.
5. There are no levels for tomorrow.

Nifty Options Data :

1. There is nothing to talk about options today. But I wanted to note about straddle premiums.
2. Nifty Weekly Options ATM Straddle premium is around 170 points down from 300 points yesterday.
3. Nifty Monthly Options ATM Straddle premium is around 590 points, which is almost similar to yesterday.

Bank Nifty Analysis :

1. Bank Nifty retraced more than 60% from the bottom and touched the bottom again. See Hourly Chart below.
2. Nifty and Bank Nifty both exactly rejected from the level that I posted in Daily Market Analysis 27 Jan 2023 Thursday. See 15 minutes chart below.
   • You can check the chart’s time from tradingview.com above the image, when it was taken from above page.
   • And I said Bank Nifty may retest this level in Daily Market Analysis 31 Jan 2023 Tuesday
3. There is no view for tomorrow, tomorrow can be a sideways day for Bank Nifty.

Bank Nifty Options Data :

1. I’m not going to see any OI for tomorrow, just wanted to track the option premiums.
2. Bank Nifty Weekly Options ATM Straddle premium is at 580 points, almost 50% decay in one day.
3. Bank Nifty Monthly Options ATM Straddle premium is at 1800 points, down by 200 points from yesterday.

Final Thoughts :

1. Nifty and Bank Nifty traded a big range.
2. As I expected earlier in my Daily Market Analysis 31 Jan 2023 Tuesday, Nifty and Bank Nifty may retest these levels.
3. Nifty and Bank Nifty retested these levels faster than I expected.
4. Nifty and Bank Nifty may trade sideways for tomorrow.

Day’s Recap :

1. I was just tracking this 17850 put after hitting my level.
2. At that time Call premiums are higher and Put premiums are very cheaper. Because most of the option sellers are started writing PUTS.
3. I was just tracking this put from 40 level, when the signal was generated after hitting the level. SL is around 10 points.
4. I posted this in the telegram channel after hitting a high of 120, after that also it went above 450
5. Even if someone exited at the second 5 minutes candles low around 350 after making the high at 470.
6. For 10 points risk, it is 300 points profit. Which is 1:30 in Risk Reward terms.
7. If someone trades this with 1% risk management, that means 30% return in single trade.
8. For my reference purpose, I’m just tracking all these.
9. Volatility is so huge for this option and the PnL swings will be so high.

If you are seeing anything else other than what I’m seeing from this data, post your view below in the comments section.

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Disclaimer : I’m not a SEBI registered analyst, these are my views only.