About trades today.
I sold 9300 CALL as there was a gap down opening below 9190. I squared off the position when NIFTY could not go below 9040.
I sold 9000 PUT as there was a possibility of bounce. I squared off this position in profit.
I hold 9500 CALL sold from Friday. That position is open.
NIFTY Opened gap down below 9190 and continued till 9050. Then it reversed sharply to close near 9200. This may be the lower bound of the range - 9050.
I have the following observations about today's price action
1. NIFTY opened gap down and closed the gap. Also today was 7th down day.
2. NIFTY bounced off sharply from 9050 level. If NIFTY manages to close above 9340 in next two days, NIFTY may again try to touch upper bound of the range.
3. VIX rose less than a percent.
5. Advance Decline ratio 32:18 , on positive side.
5. BANK Nifty performed similar to NIFTY.
I read this action as
1. NIFTY has touched the 9050 region and reversed. It may now try to retrace and go towards 9440, upper bound. This may be successful or not.
2. From overall price action today, buying the dip in NIFTY or BANK NIFTY would be good strategy for coming days.
I sold 9300 CALL as there was a gap down opening below 9190. I squared off the position when NIFTY could not go below 9040.
I sold 9000 PUT as there was a possibility of bounce. I squared off this position in profit.
I hold 9500 CALL sold from Friday. That position is open.
NIFTY Opened gap down below 9190 and continued till 9050. Then it reversed sharply to close near 9200. This may be the lower bound of the range - 9050.
I have the following observations about today's price action
1. NIFTY opened gap down and closed the gap. Also today was 7th down day.
2. NIFTY bounced off sharply from 9050 level. If NIFTY manages to close above 9340 in next two days, NIFTY may again try to touch upper bound of the range.
3. VIX rose less than a percent.
5. Advance Decline ratio 32:18 , on positive side.
5. BANK Nifty performed similar to NIFTY.
I read this action as
1. NIFTY has touched the 9050 region and reversed. It may now try to retrace and go towards 9440, upper bound. This may be successful or not.
2. From overall price action today, buying the dip in NIFTY or BANK NIFTY would be good strategy for coming days.