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Consolidation!! (10th May 2023)


1. U.S Markets closed lower yesterday. 
2. Right now Dow Futures are slightly lower.
3. SGX Nifty is as flat as it can be.
4. Asian Markets are mostly lower.
5. It was a complete consolidation yesterday.
6. Markets opened with a gap up of about 50-60 Points yesterday.
7. It was the same throughout the first half.
8. In the 2nd half there was a slight profit booking.
9. Markets closed flat yesterday. 
10. 18200 is a good support on Nifty as if now.
11. The 2nd big support is at 18050.
12. I have sold Monthly puts below 18050 and calls above 18600.
13. Expect markets to trade between 18200 to 18500 for a while now.
14. 18500 CE has the highest open interest for Call Options.
15. 18000 PE has the highest open interest for Put Options.
16. So the monthly range as of now comes to be 18000 to 18500.
17. There's no doubt that Markets are in an upswing.
18. One has to look for going long in the current scenario.
19. Shorting the markets to make pennies isn't a good idea 
20. Big money is made by riding trends.
21. Buying for intraday on an everyday basis and making few points makes you miss out of big rallies.
22. Nifty might trade between 18200 to 18500 today.

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