In my August 13 post, I had said
“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.”
I had also mentioned the possibility of big red candle in my post dated
“One very interesting observation is, both days and weeks so far have formed dragonfly candles -> open = close (within some points). These candles back to back may be seen as a sign of coming climax+exhaustion. So in the next one or two days, NIFTY may show a large red body candle.”
My Trades
On break of opening range, I bought 11300 PUT , which was squared off near the end of the day. Today I bought put instead of selling, because when range fails, breakout is sharper.
My Observations for the day
NIFTY closed 1.08% lower.
BANK NIFTY closed 2.33% lower.
VIX is up 5.37%
Advance Decline ratio is 12 to 37.
Open interest data for Options shows the 11000 and 11300 range.
Finally after 4 days of tight consolidation, NIFTY broke down below and achieved all the targets. Now further downside possible when NIFTY breaks below 11100. I’ll cover more about the same in my weekend post.
Happy Independence Day!!!
“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.”
I had also mentioned the possibility of big red candle in my post dated
“One very interesting observation is, both days and weeks so far have formed dragonfly candles -> open = close (within some points). These candles back to back may be seen as a sign of coming climax+exhaustion. So in the next one or two days, NIFTY may show a large red body candle.”
My Trades
On break of opening range, I bought 11300 PUT , which was squared off near the end of the day. Today I bought put instead of selling, because when range fails, breakout is sharper.
My Observations for the day
NIFTY closed 1.08% lower.
BANK NIFTY closed 2.33% lower.
VIX is up 5.37%
Advance Decline ratio is 12 to 37.
Open interest data for Options shows the 11000 and 11300 range.
Finally after 4 days of tight consolidation, NIFTY broke down below and achieved all the targets. Now further downside possible when NIFTY breaks below 11100. I’ll cover more about the same in my weekend post.
Happy Independence Day!!!