In my last post I had said
1. I still think it is a consolidation day. I do not have much bearish bias for tomorrow.
2. I think NIFTY is likely to touch the other end of range ~ 10000.
3. Depending on how it reacts near that level will decide the next course of action.
4. There was some congestion in the small range of 9788 - 9870. This is likely to be some low volume action, also occurred near end of the day.
5. 12th June candle is important ~ candle with large body ~ surprise candle. Close above 9972, bullish and close below 9545 is bearish . till then its consolidation inside the big candle.
Reviewing my readings for yesterday
It was a positive day. NIFTY did crossed above 10000 in the morning. NIFTY closed below 9972. So still in consolidation.
My trades today
1. I sold 10000 CALL when Opening range broke down. Then I covered the same as there was volatility spike.
Observations for the day
1. NIFTY closed 1.02% higher. And crossed 10000 level early in the morning. Later went down on news and recovered by EOD.
2. BANKNIFTY similar pattern, closed 1.93%.
3. VIX gained 1.19%.
4. Advance Decline ratio 24:26, not positive.
Some idea about tomorrow
1) Considering the volatile moves for last 3 sessions, I think we may have relatively calm market for next two sessions.
2) I maintain my bias , consolidation with little bullishness.
3) The current situation is NIFTY has formed support around 9600-9700 region. And it has multiple resistances from 10000-10300. The move from 10000-10300 will be choppy.
1. I still think it is a consolidation day. I do not have much bearish bias for tomorrow.
2. I think NIFTY is likely to touch the other end of range ~ 10000.
3. Depending on how it reacts near that level will decide the next course of action.
4. There was some congestion in the small range of 9788 - 9870. This is likely to be some low volume action, also occurred near end of the day.
5. 12th June candle is important ~ candle with large body ~ surprise candle. Close above 9972, bullish and close below 9545 is bearish . till then its consolidation inside the big candle.
Reviewing my readings for yesterday
It was a positive day. NIFTY did crossed above 10000 in the morning. NIFTY closed below 9972. So still in consolidation.
My trades today
1. I sold 10000 CALL when Opening range broke down. Then I covered the same as there was volatility spike.
Observations for the day
1. NIFTY closed 1.02% higher. And crossed 10000 level early in the morning. Later went down on news and recovered by EOD.
2. BANKNIFTY similar pattern, closed 1.93%.
3. VIX gained 1.19%.
4. Advance Decline ratio 24:26, not positive.
Some idea about tomorrow
1) Considering the volatile moves for last 3 sessions, I think we may have relatively calm market for next two sessions.
2) I maintain my bias , consolidation with little bullishness.
3) The current situation is NIFTY has formed support around 9600-9700 region. And it has multiple resistances from 10000-10300. The move from 10000-10300 will be choppy.