Published On Jan 23, 2024
How to Buy Options Using Point & Figure Chart Analysis? | Raju Ranjan | Definedge | 23rd Jan 24
#nifty #trading #tradepoint #noiselesstrader #opstra #radar #optionsbuying #options
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In this 'Market Kya Lagta Hai' (MKLH) video, Raju Ranjan discusses NIFTY and BANKNIFTY levels. Today Mangesh Joglekar joins Raju Ranjan and shares his insights on options buying.
Intraday Levels:
NIFTY: Setup is Bearish
• Above 21425: Bullish
• Below 21100: Bearish
BANKNIFTY: Setup is Bearish
• Above 45350: Bullish
• Below 44800: Bearish
Raju Ranjan analyses the TOI chart using TradePoint Desktop and also explains how traders could have used it today and what can be done in the next trading session.
Moving on to the Relative Strength (RS) chart, Raju Ranjan provides his analysis on gold, bonds and the USD/INR currency pair. The RS chart indicates a bullish outlook for gold, bonds, and the USD/INR compared to Nifty.
Next, he analyses Open Interest (OI) using Opstra, it seems that there is significant Open Interest (OI) in the 21000PE (support) and 21500CE (resistance) strikes.
To conclude the video Mangesh Joglekar then explains his strategy on options buying (NIFTY and BANKNIFTY) using price charts and TOI (Total Open Interest).
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Disclaimer:
Above video study is for educational purposes
We cannot guarantee the accuracy of any information provided
None of the content shown here constitutes a recommendation and are not intended as trade or investment advice
Futures, stocks & options trading involves substantial risk of loss & is not suitable for every investor
Past results are no indication of future performance
All trading strategies which are used at your end is at your own risk
Please do your due diligence before taking any trade
