Finwings Stock Trading Academy~ Free Educational Channel
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Today deployed butterfly @34900 after 2pm and squared off when spot was 34910, befor the breakout. (P/L +0.28%)

At the session's end deployed SHORT STRANGLE with future short- 2:1 ratio, with an intent that market will move UP a bit and then correct it near the 34900 levels.

Capital deployed is 11lac (almost 55-60%).

Target is 20-25k with 20k stoploss. For a gap up above 200-250 points will wait the market to sustain and then try to square off the positions with minimal loss.

Hold duration 1-2 days
Finwings Stock Trading Academy~ Free Educational Channel
Squared off the 30July expiry positions, that we deployed on 16 June. Net gain for this positions was 7.6%

Overall June P/L +18.6%.

April P/L +14.4%
May P/L +1.30%
June P/L +18.6%
Quarterly P/L = 34.3%

Deployed #Ironcondor with 90% capital used, Max gain will be 9.8% by 28 July expiry. July MTM +0.26%
Finwings Stock Trading Academy~ Free Educational Channel
Deployed #Ironcondor with 90% capital used, Max gain will be 9.8% by 28 July expiry. July MTM +0.26%
Iron condor deployed is wil 2 spread strike prices for call 35500- 36000 and put 32000-31500 shorts, this was because the market suggests Neutral view considering all weekly expiries' PCR. So we should have room for adjustments to be carried out when market moves one-sided. After the view is clear we can shift all positions to 1 strike price call&put both to maximize the returns.
If you read most trading textbooks, they’ll tell you that the more times support and resistance are tested, the stronger they become.

But that’s not true, because the more times support and resistance are tested within a short period, the weaker they become.

Here’s why…

Support exists because there’s potential buying pressure around a certain price level.

(This buying pressure could be institutional orders, retail orders, the smart money, etc.)

So what happens when the price re-tests support multiple times?

Well, these orders start to fill up.

Eventually, when all these orders are filled up, there’s no one left to buy and that’s when support breaks.

This means the more times support and resistance is tested (especially within a short period), the weaker it becomes.

Why a short period?

Because it’s unlikely new orders will be “replenished” so quickly.

_And that’s why the more times support and resistance are tested within a short period, the weaker they become._
*No good time for Investment now, don't add equities in your portfolio, the markets are likely to correct 4-5% in the coming month from current levels*

A major correction has been ruled out for now, 15900 is the support for nifty and 35000 for BNF for the investment purpose.

👉Major reasons for the correction-

° Low volume- The current month rally has the least volume almost in the major stocks and Nifty-BNF.

° FIIs have stayed away form this rally. No major buying. (They were only long in the stocks futures, so they might square off the futures stock positions in coming days, as they are holding it from past 2 months around 34500-35000 levels)

°Technical Analysis-

BankNifty _*Daily chart*_ structure is over stretched and near the *resistance 16600-16800 Nifty & Banknifty 37000-37500 levels,*
RSI(14) around 70 in a sideways secondary trend suggests resistance, Supertrend(14,6) acts as the resistance for the current rally, Ichimoku Cloud suggests abnormal movement to this rally. BNF near 200DMA, and no major crossover or mean reversion has taken place, so a chance of correction is high.

° The prices are far from the 17June rally's trend line, here a mean reversion around 35500-35300 may be possible.

👉 The major correction may fail to,

°if the BNF consolidated above 35200 levels and Nifty above 16100 for atleast 2 weeks.

*The prices may move upside a bit from here as the current rally may throttle the Excitement of retailers and then correct around the mentioned levels*

If the market holds these levels then only we can opt for Investments, so wait for the right opportunity to time a better entry.