Trade Log NIFTY June 02
In my June 1 update,
I had said
1. As NIFTY approached 9900, VIX rose and there was strong resistance in the zone. I believe this zone will be tested a couple of times in intra day movement before breaking above.
2. There is not much space for long trade until we clear the resistance zone and close above 9930.
3. I think NIFTY will form a consolidation range under 9930 and try breaking out. I need to watch how low it can go to form the lower boundary of the range.
4. 9700 should be a good candidate level lower boundary.
In short, my reading was OK. I anticipated the consolidation to last atleast for couple of days. But NIFTY broke out of 9930, and range is not formed, It took support in 9800 area.
My trades today
1. I squared my 9900 CALL for loss start of the day. This was a big loss.
2. When 2nd touch of resistance was touched, I sold 9900 CALL and covered that quickly for profit one first sign of strength.
3. Then on breakout I sold 9900 PUT and covered it for profit end of the day.
My observations for the day
1. This rally has its 5th positive day. Today NIFTY closed with 1.5% gain.
2. BANK NIFTY outperformed and closed 2.86%. BANK NIFTY closed right at the key level of 20530.
3. INDIA VIX closed 30.12, 2% down
4. Advance Decline ration was ok 36:14, Not as strong as it could be. But BANKNIFTY can drag it along.
My view for tomorrow
1. Tomorrow will be the 6th day of higher highs. NIFTY closed near high of the day and just below strong psychological level 10000.
2. If there are positive global clues, NIFTY can create massive gap and short covering. There is not much overhead resistance till 10383 - 10400.
3. The other thing that I sense is mostly it can do similar thing some consolidation below 10000 and eventually breaking it.
4. Considering BANKNIFTY chart, I am more towards quick break and then continuation of rally on Thursday.
I had said
1. As NIFTY approached 9900, VIX rose and there was strong resistance in the zone. I believe this zone will be tested a couple of times in intra day movement before breaking above.
2. There is not much space for long trade until we clear the resistance zone and close above 9930.
3. I think NIFTY will form a consolidation range under 9930 and try breaking out. I need to watch how low it can go to form the lower boundary of the range.
4. 9700 should be a good candidate level lower boundary.
In short, my reading was OK. I anticipated the consolidation to last atleast for couple of days. But NIFTY broke out of 9930, and range is not formed, It took support in 9800 area.
My trades today
1. I squared my 9900 CALL for loss start of the day. This was a big loss.
2. When 2nd touch of resistance was touched, I sold 9900 CALL and covered that quickly for profit one first sign of strength.
3. Then on breakout I sold 9900 PUT and covered it for profit end of the day.
My observations for the day
1. This rally has its 5th positive day. Today NIFTY closed with 1.5% gain.
2. BANK NIFTY outperformed and closed 2.86%. BANK NIFTY closed right at the key level of 20530.
3. INDIA VIX closed 30.12, 2% down
4. Advance Decline ration was ok 36:14, Not as strong as it could be. But BANKNIFTY can drag it along.
My view for tomorrow
1. Tomorrow will be the 6th day of higher highs. NIFTY closed near high of the day and just below strong psychological level 10000.
2. If there are positive global clues, NIFTY can create massive gap and short covering. There is not much overhead resistance till 10383 - 10400.
3. The other thing that I sense is mostly it can do similar thing some consolidation below 10000 and eventually breaking it.
4. Considering BANKNIFTY chart, I am more towards quick break and then continuation of rally on Thursday.
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