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Have we bottomed out? (30th Oct 2023)



1. U.S Markets closed mixed yesterday. 
2. S&P 500 and Dow Jones closed lower whereas Nasdaq closed higher.
3. Right now , U.S Futures are higher.
4. U.S VIX closed below 20 on Friday.
5. Markets have corrected all the way from 20200 to 18850.
6. Friday was a relief rally for the Bulls.
7. Reliance came out with its set of numbers over the weekend and the numbers look good.
8. Reliance has been underperforming and dragging nifty.
9. Now it's close to the lower point of the range.
10. So it's a good risk - reward trade setting up as well for Reliance. 
11. Gift Nifty is up 70-80 Points.
12. Asian markets are mostly higher.
13. Expect 18850 to be a near term bottom. 
14. Once 19200 is crossed , everyone would turn Bullish.
15. We have bought 19200 monthly calls on Friday.
16. We look to hold the same unless we expect something negative to happen.
17. Once these monthly calls turn ITM then the momentum would be huge.
18. Safe traders can sell puts below 18850 for the current week.
19. All the above can be done only if you can bear the risk and have a stoploss of 18850 in place.
20. Nifty might trade between 19000 to 19200 today.

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