Observe_Think_Act_Think

Trade Log NIFTY July 27

NSE:NIFTY   Nifty 50 Index
My weekly view (Link below)

My Trades today
I did not trade today.

My Observations for NIFTY

NIFTY was mostly down and closed 0.56% down
BANK NIFTY suffered 3.59%.
Reliance came very near to 2200 level and then settled 0.47% higher.
VIX gained closed to 2%
Advance decline ratio 18 to 32.
FII and DII data are a little on the negative side.

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My view for tomorrow

NIFTY is in the tight range of 11105 - 11220. It is really difficult to imagine the structure within this range, but considering today’s price action, I think NIFTY may break down tomorrow just a little. But there are multiple support zones from 11000-11050 where support is expected.

My plan tomorrow
Any Gap up above 11220, I’ll wait for 30 Mins to sustain and then trade on the long side.
Any opening in the range 11220-11105 is no trade zone, until there is a clear setup that is failure or break of boundaries.
Any Gap down upto 11050, will set up a good reversal trade, as I believe the dip will be bought.

My weekly view



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