In my post dated August 6, I had said
I am again expecting consolidation to a bearish day. As I said, good setup for reversal around 11280-11300.
It was a consolidation day. Not bearish.
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My trades.
I did not trade today.
My Observations
NIFTY closed flat 0.12%. Entire day was spent mostly inside 11170 - 11215.
BANK NIFTY closed 0.51%
VIX lost 2.47%
Advance Decline ratio is 32 to 18.
Open interest is showing buildup at 11000.
Overall, for next week, I think it will be at least a positive start for the week, with possibility of a new high. But I’ll treat this as a retest of intermediate high till there is break 11380 and consolidation above.
I’ll write more about this in my weekly review.
I am again expecting consolidation to a bearish day. As I said, good setup for reversal around 11280-11300.
It was a consolidation day. Not bearish.
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My trades.
I did not trade today.
My Observations
NIFTY closed flat 0.12%. Entire day was spent mostly inside 11170 - 11215.
BANK NIFTY closed 0.51%
VIX lost 2.47%
Advance Decline ratio is 32 to 18.
Open interest is showing buildup at 11000.
Overall, for next week, I think it will be at least a positive start for the week, with possibility of a new high. But I’ll treat this as a retest of intermediate high till there is break 11380 and consolidation above.
I’ll write more about this in my weekly review.