bank nifty weekly expiry options strategy

Nifty and Bank Nifty Weekly Expiry Options Strategy for April 20, 2023

Sachin Sival

Apr 17, 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 Weekly Expiry Options Strategy for April 20, 2023.

In this post, first, we will discuss why I choose the Nifty and Bank Nifty Weekly Expiry Options 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 Nifty and Bank Nifty Weekly Expiry Options Strategy.

Nifty and Bank Nifty Weekly Expiry Options Strategy

As I have shared above that first we will analyze why I have chosen these strategies. To do that first, we have to analyze the trend of Nifty and BankNifty. To do that, you can simply check the chart of both indices.

If you look at the daily chart, you can see both the indices are trading above 50 and 200 Day moving averages. So we can say that the overall trend is positive until Nifty and BankNifty are trading above 50 DMA.

I don’t want to keep things complicated by adding many indicators because we just need a reference point to form a view to initiating a weekly expiry option strategy. Obviously, we can do adjustments if Nifty or banknifty goes against our view. So in short we can say that trend is “Bullish” in both indices.

Now, the second 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 17800 – 17900 is acting as an immediate resistance zone and 17400 – 17500 is acting as an immediate support zone. We can use this range to initiate our Nifty Weekly Expiry Options Strategy.

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

Based on the OI data, 42300 – 42500 is acting as immediate resistance. On the downside, 41800 – 41500 is the immediate support.

So based on the Oi data, we can follow 41500 – 42500 as the weekly range for the Bank Nifty Weekly Expiry Options Strategy.

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

Nifty and Bank Nifty Weekly Expiry Options Strategy

Let’s check the Nifty option strategy first:

I have created this directional butterfly because I’m expecting that price will go up from here. I will do certain adjustments too to make it a no-loss option strategy.

Now let’s look at the Bank Nifty Weekly Expiry Options Strategy:

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 Weekly 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, which 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 Weekly Expiry 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 toward 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.