Trade Log NIFTY June 22
Going in for today's trade I had assumption that NIFTY likely to face resistance around 10300-10400 zone.
My Trades today:
1. I was not sure of the trade. When there was support taken at opening range low, I bought 10300 CALL and squared it off at Opening range High.
2. My weekend trade was closed for loss. The Credit PUT spread created on Friday.
My observations for the day
1. NIFTY formed small indecision candle. NIFTY closed 0.65% higher.
2. BANKNIFTY faced resistance at the upper boundary of the range and closed 1.74% higher.
3. INDIA VIX increased 1.65%.
4. Advance Decline ration for broader market is 1324 to 542. For NIFTY, it is 37 to 13. Again not great but OK for the movement we had.
6. Option data shows clear bullish bias market players are expecting. 10500 is the next resistance.
My view for tomorrow
1. NIFTY may face consolidation, but brief consolidation in the current zone - 10380-10280.
2. Even it goes little below but stays above 1060, the view remains intact.
3. 10380 does not look like a top. In next attempt, this will be taken out and NIFTY may move towards 10500.
4. Overall, as I discussed in my weekly review. I am not interested much in trading 10300-10600 zone.
5. There is no point in creating short position trade right now.
Weekly view
My Trades today:
1. I was not sure of the trade. When there was support taken at opening range low, I bought 10300 CALL and squared it off at Opening range High.
2. My weekend trade was closed for loss. The Credit PUT spread created on Friday.
My observations for the day
1. NIFTY formed small indecision candle. NIFTY closed 0.65% higher.
2. BANKNIFTY faced resistance at the upper boundary of the range and closed 1.74% higher.
3. INDIA VIX increased 1.65%.
4. Advance Decline ration for broader market is 1324 to 542. For NIFTY, it is 37 to 13. Again not great but OK for the movement we had.
6. Option data shows clear bullish bias market players are expecting. 10500 is the next resistance.
My view for tomorrow
1. NIFTY may face consolidation, but brief consolidation in the current zone - 10380-10280.
2. Even it goes little below but stays above 1060, the view remains intact.
3. 10380 does not look like a top. In next attempt, this will be taken out and NIFTY may move towards 10500.
4. Overall, as I discussed in my weekly review. I am not interested much in trading 10300-10600 zone.
5. There is no point in creating short position trade right now.
Weekly view
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