From August 11,12 I had the same view
NIFTY likely to have a pending upside for the climax to 11380. And then possible formation of an intermediate top which has to be confirmed by moving down below at least the recent low of 10880.
Overall, NIFTY is slow moving and the climax move has not happened yet. There is sideways movement in the tight range of 11240-11360.
My trades today
I sold the next expiry call on the break of the opening range low. I covered that near the end of the day.
My observations for the day
NIFTY closed flat again with less than a percent down.
BANK NIFTY closed -0.30 % down.
VIX down -1.33%
Advance Decline ratio is 26 to 23
Tight consolidation range between 11240-11360. NIFTY has given 3 daily closing in the 20 point range.
My view for tomorrow
I have a bearish view for tomorrow. I consider the 1 hr candle (11.00 AM) which failed the opening gap and for the day, there was no attempt to recover above 11320. This view is invalid when NIFTY stays above 11360.
NIFTY likely to have a pending upside for the climax to 11380. And then possible formation of an intermediate top which has to be confirmed by moving down below at least the recent low of 10880.
Overall, NIFTY is slow moving and the climax move has not happened yet. There is sideways movement in the tight range of 11240-11360.
My trades today
I sold the next expiry call on the break of the opening range low. I covered that near the end of the day.
My observations for the day
NIFTY closed flat again with less than a percent down.
BANK NIFTY closed -0.30 % down.
VIX down -1.33%
Advance Decline ratio is 26 to 23
Tight consolidation range between 11240-11360. NIFTY has given 3 daily closing in the 20 point range.
My view for tomorrow
I have a bearish view for tomorrow. I consider the 1 hr candle (11.00 AM) which failed the opening gap and for the day, there was no attempt to recover above 11320. This view is invalid when NIFTY stays above 11360.