My July 20 Trade Log I had said (Link below)
Trend is up. There is no resistance till 10269. I’ll mostly trade intraday on upside.
As I mentioned in my weekly view, I’ll wait patiently till I see some signs of exhaustion. In line with my Monthly view posted in June, NIFTY is close 400 points away from challenging my monthly view. Hence I don't move fast on either sides.
Not much is changed. NIFTY is near the possible resistance zone of 10200-10270.
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My trades today
Intraday, I sold the CALL option when opening low broke. That trade was trapped. That was a signal for selling PUT as well. Both positions squared off near the end of the day.
I am also holding positional short, which is a risky trade.
My observations for today
NIFTY closed 1.27% up. Gap up was sustained.
BANK NIFTY closed 2% up
VIX down 1.15%
Advance decline ratio 32 to 18.
NIFTY is in it’s 6th week of upside. Also it is near the level which has been measured as the target of the move. That is the first swing from March lows to April High.
My view for tomorrow and coming week
1. I’ll be trading with consolidation to bearish bias tomorrow. This view is against the trend but I think 10200-10270 is a good area to start thinking about reversal.
2. I’ll build positional shorts, not aggressively, but with generous time and price stop loss.
3. For tomorrow, if there is a gap up, I think it'll difficult to sustain the gap especially if it is near 10200.
Trend is up. There is no resistance till 10269. I’ll mostly trade intraday on upside.
As I mentioned in my weekly view, I’ll wait patiently till I see some signs of exhaustion. In line with my Monthly view posted in June, NIFTY is close 400 points away from challenging my monthly view. Hence I don't move fast on either sides.
Not much is changed. NIFTY is near the possible resistance zone of 10200-10270.
--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
My trades today
Intraday, I sold the CALL option when opening low broke. That trade was trapped. That was a signal for selling PUT as well. Both positions squared off near the end of the day.
I am also holding positional short, which is a risky trade.
My observations for today
NIFTY closed 1.27% up. Gap up was sustained.
BANK NIFTY closed 2% up
VIX down 1.15%
Advance decline ratio 32 to 18.
NIFTY is in it’s 6th week of upside. Also it is near the level which has been measured as the target of the move. That is the first swing from March lows to April High.
My view for tomorrow and coming week
1. I’ll be trading with consolidation to bearish bias tomorrow. This view is against the trend but I think 10200-10270 is a good area to start thinking about reversal.
2. I’ll build positional shorts, not aggressively, but with generous time and price stop loss.
3. For tomorrow, if there is a gap up, I think it'll difficult to sustain the gap especially if it is near 10200.