Today is the start of new week.
My trades today:
1. When NIFTY chopped around low of the opening range, I sensed that this likely to be consolidation day. I shorted 10300 CALL and exited for profit on first sign of bounce.
2. I sold credit put spreads on both sides as per my weekly plan.
My weekly plan is here
My observations for the day.
1. Lot of expectations because of US markets, but NIFTY could not follow through after gap up. It formed a weak candle with 0.25% gain.
2. BANK NIFTY also running into resistance area and closed 0.73%.
3. VIX gained 3.37%
4. Advance Decline ratio 1264 to 574. Broader market performed really well. For NIFTY it is 25 to 25. Neutral.
5. Open Interest addition confirms the consolidation. Highest Open Interest addition on 10800 CALL side.
My reading for the market
1. NIFTY has started consolidation. I am going to assume consolidation at least tomorrow morning session till noon.
2. In this consolidation, there are two possibilities - 1. Simple dip 2. Formation of range couple of days. To understand and confirm one of these we need conclusive break of last breakout level 10160-10180, preferably on hourly chart. If this happens NIFTY can also head to last swing low of 9950 in the process.
3. I am inclined to believe, there will be range formation.
4. NIFTY traders are uncertain about 10300 Level. There will be couple of attempts around that level.
5. Broader market performing well, can be taken as positive or negative. If bad quality stocks performing today, then it could be some retail inflows, which may signify not much upside left in the current swing. But these kind of indicators are at the best very weak indicators.
My trades today:
1. When NIFTY chopped around low of the opening range, I sensed that this likely to be consolidation day. I shorted 10300 CALL and exited for profit on first sign of bounce.
2. I sold credit put spreads on both sides as per my weekly plan.
My weekly plan is here
My observations for the day.
1. Lot of expectations because of US markets, but NIFTY could not follow through after gap up. It formed a weak candle with 0.25% gain.
2. BANK NIFTY also running into resistance area and closed 0.73%.
3. VIX gained 3.37%
4. Advance Decline ratio 1264 to 574. Broader market performed really well. For NIFTY it is 25 to 25. Neutral.
5. Open Interest addition confirms the consolidation. Highest Open Interest addition on 10800 CALL side.
My reading for the market
1. NIFTY has started consolidation. I am going to assume consolidation at least tomorrow morning session till noon.
2. In this consolidation, there are two possibilities - 1. Simple dip 2. Formation of range couple of days. To understand and confirm one of these we need conclusive break of last breakout level 10160-10180, preferably on hourly chart. If this happens NIFTY can also head to last swing low of 9950 in the process.
3. I am inclined to believe, there will be range formation.
4. NIFTY traders are uncertain about 10300 Level. There will be couple of attempts around that level.
5. Broader market performing well, can be taken as positive or negative. If bad quality stocks performing today, then it could be some retail inflows, which may signify not much upside left in the current swing. But these kind of indicators are at the best very weak indicators.
Pernyataan Penyangkalan
Informasi dan publikasi ini tidak dimaksudkan, dan bukan merupakan, saran atau rekomendasi keuangan, investasi, trading, atau jenis lainnya yang diberikan atau didukung oleh TradingView. Baca selengkapnya di Ketentuan Penggunaan.
Pernyataan Penyangkalan
Informasi dan publikasi ini tidak dimaksudkan, dan bukan merupakan, saran atau rekomendasi keuangan, investasi, trading, atau jenis lainnya yang diberikan atau didukung oleh TradingView. Baca selengkapnya di Ketentuan Penggunaan.