Prep for 17-21 May 2021

Welcome to this week's analysis.

i) Indices - Let us start with where we left off beginning with Nifty. 

We saw weakness here after being unable to cross 15000. We ended Friday right on top of a crucial level/14660 which I had highlighted on daily analysis post. 

Similarly with Bank Nifty which finished right above its key number/32150. 

Moreover, we have been consolidating on both these indices. And since both of them have reached their important levels, I think time is ripe for us to see a breakout/breakdown.

ii) Stocks 

My put spread on Adani Ports is taking some heat but still has cushion before it hits sl.

Initiated a long condor with calls on ITC which is nothing but a combo of bull call spread (210/220 ce) and a bear call spread (230/250 ce).

Stocks on radar: LT, ZEEL, ASHOKLEY, M&M, BATAINDIA

Cheers,

PK