In my August 10 Trade Log, I had said
I expect a positive day tomorrow with the possibility of a new high.
NIFTY made a new high and ended positive.
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My trades
No trades for today. Intraday range was very low. The breakdown of initial range was risky as NIFTY had made new high and my bias was on the upside.
My Observations about today’s price action
NIFTY closed 0.46% higher. Made 2nd indecision candle in a row.
BANKNIFTY closed 1.49% higher.
India VIX down 5%
Advance Decline ratio 33 to 17
Open interest data for weekly options showing 11200-11400 range.
My view for tomorrow
If global cues are supportive , then NIFTY may attempt another go towards 11380-11390 zone. I think this level should pose some resistance. With VIX slowing down, intraday range is compressing. I do not have a clear view for tomorrow.
One very interesting observation is, both days and week so far has formed dragonfly candles -> open = close (within some points). These candles back to back may be seen as sign of coming climax+exhaustion. So in next one or two days, NIFTY may show large red body candle.
August 10 Trade Log
I expect a positive day tomorrow with the possibility of a new high.
NIFTY made a new high and ended positive.
=======================================================================
My trades
No trades for today. Intraday range was very low. The breakdown of initial range was risky as NIFTY had made new high and my bias was on the upside.
My Observations about today’s price action
NIFTY closed 0.46% higher. Made 2nd indecision candle in a row.
BANKNIFTY closed 1.49% higher.
India VIX down 5%
Advance Decline ratio 33 to 17
Open interest data for weekly options showing 11200-11400 range.
My view for tomorrow
If global cues are supportive , then NIFTY may attempt another go towards 11380-11390 zone. I think this level should pose some resistance. With VIX slowing down, intraday range is compressing. I do not have a clear view for tomorrow.
One very interesting observation is, both days and week so far has formed dragonfly candles -> open = close (within some points). These candles back to back may be seen as sign of coming climax+exhaustion. So in next one or two days, NIFTY may show large red body candle.
August 10 Trade Log
