Nifty and Bank Nifty Options Strategy for April 06, 2023

Sachin Sival

Apr 3, 2023 — 5 min read

Hey, I hope you are doing well. Through this blog, I try to share a few options strategies that we can use to generate monthly cheques from options trading. In today’s post, I’m sharing the Nifty and Bank Nifty Options Strategy for April 06, 2023.

In this post, first, we will discuss why I choose the non-directional strategy and then I will share the strategy and the adjustments that you can do in case Nifty or Bank Nifty breaks the range.

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Now, let’s move to our BankNifty Low-Risk High Reward Option Strategy for Direction Movement.

Nifty and Bank Nifty Options Strategy

As I have mentioned above that it’s a non-directional strategy. So the first step is to find the range of the asset. And to find the range, we need to analyze open interest data. Open Interest data is the best tool to choose the right strikes.

Let us look at the OI data of Nifty first.

If you look at the Oi data, you will find that 17400 – 17500 is acting as an immediate resistance zone and 17200 – 17100 is acting as an immediate support zone. We can use this range to initiate our non-direction Nifty options strategies.

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Now look at the Bank Nifty open interest data, to find the range:

Based on the OI data, 41000 is acting as immediate resistance and 41500 is the second resistance. On the downside, 40500 is the immediate support and 40000 is the second support.

So based on the oi data, we can follow 40000 – 41500 as the weekly range for the bank nifty options strategy.

Now, let’s check the strategy I have created this week:

Nifty and Bank Nifty Options Strategy

Let’s check the Nifty option strategy first:

Nifty options strategy for weekly expiry

We have many non-directional strategies for a neutral trend but I choose this Batman option strategy because probability and reward both are high.

Now let’s look at the bank nifty options strategy:

Bank Nifty options strategy for weekly expiry

I’m sharing this optimized strategy with my Mentorship Students. Click here to enroll: Option Strategies: A Mentorship Program

This optimized strategy is alone enough to make decent money month after month while taking a nominal loss. The only catch is: you should know how to find the right strikes and how to adjust if anything goes wrong.

Possible adjustments for Nifty and Bank Nifty Options Strategy

Because the risk is high so you need to monitor it very closely. You can keep a stop loss around breakevens. This means if you find that nifty and bank nifty are sustaining beyond these breakevens, you can just square off these strategies.

We will do certain adjustments like reverse buying to reduce the risk, that we will share in our premium channel.

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I hope these strategies are helping to generate some cash flow from options strategies. If you have any query related to this Nifty and Bank Nifty Options Strategy, please type in the comment box.

Don’t miss out on this valuable opportunity to take your options trading to the next level. Sign up for our Options Strategies: A Mentorship Program today and start your journey towards success!

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DISCLAIMER: – we are not SEBI research analysts. Views and strategies are posted here only for educational purposes. There is no liability whatsoever for any loss arising from the use of this product or its contents. This product is not a recommendation to buy or sell, but rather a guideline for interpreting specified analysis methods. This information should only be used by investors and traders who are aware of the risk inherent in securities trading.