31982.6 is an important level if bank nifty sustains below it short for the target of 300 to 400 points downside. As it is already below it short with a small quantity and if it retests this level and closes below it add more.
Comment:
bought only 4 lot of 14 jan 31800 pe @ 280 . Keeping SL at 140 . My SL is big but my target is also big. Will add more if it performs well. Otherwise will take sl .
Trade closed manually:
although it made a high of 336 but it does not matter. Exited it at 250 by booking a loss of 3K. Why? because price action was not giving a sign of fall and falling wedge breakout pattern with OI chain suggesting call shorters being trapped. Learning- If the market has to fall it falls rapidly. You can see in the chart buyers accumulated in the range of 31950 - 32000 for 6 hrs of trading. Hence explosive buying momentum came after pattern squeeze and breakout. You can enter just in the starting of these moves if you can track the supply-demand zone psychology.