In my trade review post I had said,
1. NIFTY consolidated after the fall. To assess, if the fall on Wednesday was corrective or start of a new swing, I need to wait till Friday.
2. Friday, if NIFTY continues downwards journey, It may quickly succumb to pressure and move towards 10050 area soon. Closing above 10390 again, will confirm the consolidation.
3. I have a bearish bias for Friday and I will not take any trades on long side unless I see NIFTY trading above 10390.
For point 1, it is now looking like corrective action of previous swing. I was wrong on bearish bias, but I do not change it yet as 10390 level is not crossed today.
My trades today
I did not trade today.
My observations for the day
1. NIFTY closed 0.91% up. It made higher high and higher low.
2. BANK NIFTY 0.40% up. For yesterday and today BANKNIFTY lagged NIFTY.
3. INDIA VIX 3.34% down.
4. Advance Decline ratio 28 to 21.
5. Open Interest data mildly bearish. 10500 is the resistance level traders are betting on.
From price action today.
1. NIFTY is still in consolidation. For now, it may try and go towards 10500, I am not sure how far it'll travel.
2. Till NIFTY breaks the new range 10180 - 10550, I assume this as sideways market.
I plan to do detailed post over the weekend for next week's view. Have a great weekend!
1. NIFTY consolidated after the fall. To assess, if the fall on Wednesday was corrective or start of a new swing, I need to wait till Friday.
2. Friday, if NIFTY continues downwards journey, It may quickly succumb to pressure and move towards 10050 area soon. Closing above 10390 again, will confirm the consolidation.
3. I have a bearish bias for Friday and I will not take any trades on long side unless I see NIFTY trading above 10390.
For point 1, it is now looking like corrective action of previous swing. I was wrong on bearish bias, but I do not change it yet as 10390 level is not crossed today.
My trades today
I did not trade today.
My observations for the day
1. NIFTY closed 0.91% up. It made higher high and higher low.
2. BANK NIFTY 0.40% up. For yesterday and today BANKNIFTY lagged NIFTY.
3. INDIA VIX 3.34% down.
4. Advance Decline ratio 28 to 21.
5. Open Interest data mildly bearish. 10500 is the resistance level traders are betting on.
From price action today.
1. NIFTY is still in consolidation. For now, it may try and go towards 10500, I am not sure how far it'll travel.
2. Till NIFTY breaks the new range 10180 - 10550, I assume this as sideways market.
I plan to do detailed post over the weekend for next week's view. Have a great weekend!