Bank - IDFCFirstB

If we see the weekly charts, we can clearly see the uptrend. (Although some may tell that uptrend is already broken and it is just part of a sideways trend.


https://www.tradingview.com/x/WwlmeCRh/

When you see the daily chart it becomes so clear - https://www.tradingview.com/x/ERlIczNx/

Now the point is it is sitting on neckline. The line was previously a resistance and now obviously is supposed to act like a support but considering the tight spread of the range, my bet it will not act as a support.

Now huge ITM put options spiked up.

Verdict -

Sell IDFC First Bank 52 PE at .65
Sell IDFC First Bank 52 CE at 1.1

In the case of upside BEP breaks which is highly unlikely, We may ladder up the PE. In the case of downside BEP breaks, Our futures short will trigger.

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