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Narrow Consolidation (21st April 2023)


1. U.S Markets closed mixed yesterday. 
2. Right now , U.S Futures are trading lower.
3. Asian markets are mixed.
4. SGX Nifty is indicating the flattest of openings.
5. Yesterday was a typical option sellers expiry.
6. At the open, ATM straddle of nifty was just 70 points.
7. In my last 6 years of trading journey, these are the lowest premiums ive come across
8. Yesterday Nifty once again touched 17600.
9. Again closing higher above 17600.
10. So markets are now in an extreme consolidation Mode.
11. It's trading so flat and just within a range.
12. Bank Nifty is finding strong support near 42k.
13. Nifty Is in a tight band of 17600 to 17700.
14. Bank Nifty between 42k and 42400.
15. Larger range for nifty for this expiry is 17500 to 17800.
16. That's where the highest open interest has been built in.
17. Do not see any bigger move unless any of the above levels get taken out.
18. Midcaps and smallcaps continue to outperform the major indices.
19. Market breadth was quite positive as well yesterday. 
20. Advances were higher than the declines.
21. It's an option sellers market now.
22. Nifty might trade between 17500 to 17800 today.


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