Weekly Analysis with Best Options Strategies for August 11 to August 17, 2023
Get the latest weekly analysis and best options strategies for the week of August 11-17, 2023. This blog post covers all the important market news and events, as well as provides actionable trading tips that you can use to make money in the market.
Hello friends. I hope you are doing well. Every week in my weekly analysis and options strategies post, I’m taking one common problem and trying to provide you with a possible solution to deal with that problem.
As a beginner, there are lots of things we have to figure out before we jump into live trading with real money. Every day we are facing so many questions and sometimes it seems very difficult to find the solution to that problem.
It's almost 7 years since I started this blog with a commitment that I will help all my fellow traders in every possible way with my experience and the knowledge I have gained till now from this market.
There are many topics I have covered in my previous weekly posts and I know there are lots more issues still out there. Many traders are dealing with them every day.
Today I’m not sharing my thought, in fact, I’m asking you what is the biggest problem you are facing right now. Share it with me and I promise I will cover it in my coming articles to help in every possible way.
So head to the comment section and share your biggest problem who’s the answer you are expecting from me? I will record all the queries and will try to provide the best solution based on my personal experiences.
Nifty Weekly Analysis with Options Strategies
After making an all-time high of 19991.85 on July 20, 2023, We saw some profit booking in Nifty. Now Nifty is taking support near 19300 - 19500 zone. A breakdown will lead to the next crucial support level at 19110
As I have shared in the last Stock Market Prediction for Next Week post, On the downside 19000 - 19100 is acting as the important support zone and a breakdown will trigger a short trade. On the Upside. 19750 which will trigger a long trade again.
This whole week we saw that Nifty was trading in the range of 19400 - 19600. Now, we have to wait and watch whether Nifty is giving a sustainable breakout from the above-shared range or if it remains in the range. Till then trade with range-bound strategies only.
If we got a sustainable breakout or breakdown in Nifty, then 18700 will be the downside target and 19983 is the upside target for the coming sessions.
Try to react based on the levels. No need to predict anything until we are not getting any proper breakout or breakdown.
Nifty Weekly expiry option chain analysis
Based on the Option chain data, We can see the highest Open Interest is at 19600 CE & same 19500 PE followed by 19500 CE and 19400 PE. The highest OI at CE indicates the resistance level and the highest OI at PE indicates the support level.
PCR is also a good indicator to analyze immediate support and resistance levels. If the PCR of any particular strike is below 0.60, this indicates an immediate support level and if PCR is above 2.0 that indicates an immediate resistance level.
At 19300, the PCR value is 10, indicating an immediate support level and PCR at 19600 is 0.26, indicating an immediate resistance level.
- Read the detailed article here: How to find Support and Resistance using Put Call Ratio or PCR?
Keep tracking open interest to analyze market participant’s behavior, so that you can adjust your position accordingly. If you don’t know how to analyze open interest for weekly option hedging strategies. Just enroll for our Option Strategies – A Mentorship Program.
Nifty weekly expiry Strategy: Mouse Ear Iron Condor
Possible adjustments:
Initially, you can keep a stop loss of 19250 & 19750 for this strategy. Means square off if you find nifty is giving a breakout or breakdown. Or you can do this adjustment too. ( Do not hold this strategy if the loss is more than 5000₹ per lot).
If you find that Nifty is giving a breakdown and sustaining below 19250, then square off the call spread and bring it down to 300 points lower levels.
The same thing you can do with put spread means if you got a breakout from 19750. You can shift your put spread to 300 points.
If you want to learn these Nifty and BankNifty option selling strategies and their adjustments in more practical ways with live mentorship, You can enrol in our Option Strategies – A Mentorship Program.
Bank Nifty Weekly analysis with options strategy
After making a new all-time high, you saw some profit booking in Bank nifty and now trading in a range of 44000 - 45000, which is a crucial zone for further downside levels.
if you look at the chart, you will find that BankNifty is trying to give a breakdown from the important trendline support near 44000. If manage to sustain below then a sell signal may trigger after a breakdown from 44000.
If Banknifty manages to sustain above 44500 for a minimum of 3 days then this level will act as a good support level and we can expect some higher targets in the coming session. Failing to sustain above 44000 will trigger a short signal for the target of 43100.
The overall trend is UP but 44000 - 44500 will act as a make-or-break level in the coming expiry.
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Bank Nifty weekly expiry option chain analysis
Based on the Option chain data, We can see the highest Open Interest is at 44500 CE & 44300 PE followed by 45000 CE and 44500 PE. The highest OI at CE indicates the resistance level and the highest OI at PE indicates the support level.
At 44000, the PCR value is 4.33, indicating an immediate support level and PCR at 45000 is 0.25, indicating an immediate resistance level. So based on the OI data, the weekly range can be 44000 - 45000 and the broad range could be 43500 - 45500.
- Read the detailed article here: How to find Support and Resistance using Put Call Ratio or PCR?
Keep tracking open interest to analyze market participant’s behaviour, so that you can adjust your position accordingly. If you don’t know how to analyze open interest for weekly option hedging strategies. Just enrol for our Option Strategies – A Mentorship Program.
Bank Nifty weekly expiry Strategy: Mourse Ear Iron Condor
Possible adjustments:
If you find that BankNifty gives a breakdown and sustains below 43800, then Shift your Call spread to 800 points down.
The same thing you can do with put spread means if you got a breakout from 45200. You can shift your put spread to 800 points up.
If you want to learn these bank nifty weekly options strategies and their adjustments in more practical ways with live mentorship, You can enrol in our Option Strategies – A Mentorship Program.
Post your comments in the comment box if you have a query related to the Nifty and Bank Nifty weekly analysis and options strategies. You can ask any question related to option trading in the comment box.
If you need More real-time assistance on Nifty and Bank nifty weekly analysis and options strategies, Can take our premium subscription or open a trading account with us and you will get real-time assistance every month on these nifty and Bank nifty weekly expiry strategy. You can contact us on TradePik's WhatsApp Community.
*( Please avoid any questions like which Call or Put we should buy in the coming week).
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DISCLAIMER: – we are not a SEBI research analyst. Views 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.
