Nifty 50 corrected around 200 points from top and still in the bearish trend. Is this a long term reversal or something due to global market. US market is also in correction mode which is a added stimulus to nifty 50 bear trend.
But the question is Has nifty enterened into bearesh trend , thinking which might also be correct due to 1. Their is a sort of incomplete double top pattern in the nifty graph on 4 hour chart 2. Global cues are alos bearish 3. Thirdly significant increace can be seen in the call addiotion on 14700 , 14800 and 15000 level on 20 may contracts. 4. We can also see significant increase in the call writing at 14800 level.
All this are clear indication that nifty will face be face issue to reach the 15000 level.
What can be the range for 20 may contract : For me it is 14900 to 14350
What can we as option seller do : My idea is to sell both call and put their is a huge addition of Call on 14800 so in near term I cannot see nifty breaking this level but for safe sde we can sell 14900 CE priced 62 and 14300 PE priced 32 and adjustment can be made subsiquently. If nifty break and sustain level of 14450 then we can sell more call options aggresively as this will be confirmation of the 4 hour double top pattern.
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