I stayed away from the market for morning session becuase of RBI event. Later when NIFTY broke below 9000, I sold 9100 CALL which I squared off for loss.
In my last post I had said
1. I am reluctant to jump on either sides for long term future. For tomorrow, I maintain my bullish bias in NIFTY . 2. I'll change my view when NIFTY drops below 9030-9000 zone. 3. I think tomorrows day may decide the trend for next week.
For point 1, Now I am not sure about bullish bias as NIFTY closed below 9050, but did not fell with momentum. For point 2, Yet to change my side. For point 3, I was wrong anticipating today as decider day.
From the price action today 1. NIFTY lost -0.74%, BANKNIFTY closed deep in red -2.57%. 2. VIX fell by another -1.84% 3. NIFTY and BANK NIFTY both candles are weak. 4. Advance Decline ratio is 24 to 26. Neutral. I plan to do a detailed post over the weekend about the weekly view, But what I can say, I am very reluctant to go short in this market. I dont know if we can get a decent bounce with momentum, but overall downside looks very slow and weak.
Sir, Awaiting for detailed post on last week and proposed week plan.
Have a happy and profitable trading Sir...
Observe_Think_Act_Think
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@nimbalkarbr, Tomorrow is a trading holiday. I'm working on the plan. I'll post the same by tomorrow. Thank you for your comment and Have a great trading days ahead!
Have a happy and profitable trading Sir...