As discussed today was a typical range day with market oscillating between support and decision range. I updated low at my channels to be 31870 odd and day high was around 31170.
I would like to share a funny short story here , my friend Venkat who was present with me at my office is also a legendary chartist and Elliott wave practitioner told me that this range will break to downside yielding 300-400 pts to shorts plus head and shoulder pattern and my trade of 31000 pe was trading around 165. He challenged me to cover this position in profit today. He told me come on big bear can you face the fury of wave 4 triangle leading to wave 5 collapse , to his surprise I closed position at 195 with 31000 pe closing at 183. he said come on how can your algorithm deduce it. I explained him the mathematical logic which was bank nifty remained afloat 80 pts above our support of 30777 therefore remained 80 pts below decision range which is why I updated to everyone , put your stop and go to sleep as it's going to be a range day.
Anyways everything went as expected , good day for everyone
Decision range 30979-31017
Support for the day 30819 Resistance for the day 31140
Expectation Trend day , 31140 might be tested My trade I'll try to sell puts near support
Real time update Pvt channels will be updated asap , pub channels will be updated whenever I get time
Trade active
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short 31000 pe @ 260 . expecting 31300 expecting 30680 to hold for the day
@Bigbear2022 I checked the update on twitter when i texted you inafternoon and post that Finally took real money trade to book small profit of 21 points on your advice given earlier to short when bulls try push in bearish day took position around 31071 in Jan-Fut and closed around 31050. Overall good day.