Market View 20230706

The BN market is still in an uptrend, and hasn't broken the 21 moving average yet. That's when all the technical gurus will start to throw in the towel. But that's still some way down at 44,300-44,400 level.

There's nothing else to do but wait & watch. Today, being an expiry could see some profit booking - and I'm guessing that will cause the fall today, probably a big one as people unwind their positions and jump ship.

Anyways, will wait... the time is 959AM!

• We have a tight range of 45000 <> 45500. Will wait till 130 to see how the markets evolve, we have some positions to close for this week, though the expiries are next week.
• The way I look at is, if you achieve 50-75% of the max profit from a trade, just book the profit and move to the next series / expiry.

1216PM

• Still within our range. There may be some short coverings that are not long lasting, as its expiry day. But if the market is going to go lower, it will most likely be tomorrow, after the expiry. I've seen this before!

119PM

As we gear up for next position, let's look at the options volume to get an indication:

• Looking at the above, we can see 45000 Straddle being formed for July, with more calls written at 46000.
• From the August series, we can see support at 43000 and again at 45000. So it seems that 45000 is a crucial level! We also have support at 42000.
• So to sum it up:
• • 46000CE <> 44000PE as the range
  • 45000 Straddle
  • With extreme levels of 48000 <> 42000!
• You can start positioning your trades for the next series, based on this.

• BN is still hovering with the range we marked above (purple lines).

Only managed to take a small position today, well, tomorrow is another day.