Strong closing above 24950 needed for short covering rally.

Sep 6

Nifty forming a good base. Strong closing above 24950 can lead to short covering rally. Standby.

Sep 9

Note

Nifty expected to be sideways to bearish till 24,950 is breached strongly. Nifty is expected to be lagging in comparison to BN. Obviously because Nifty had already rallied while BN was the laggard. So, best to avoid momentum trades on Nifty.

Sep 10

Trade active

I'm in the Long trade for Nifty for this week expiry. I'm mildly Bullish on Nifty looking at the positive price action today morning which has taken out 24,950.
Taken a Call Debit spread as follows:

2500CE - Bought
25400 CE - Sold

Holding will be till this week Expiry.
Let's see...

Sep 10

Trade closed: target reached

Exited the 2500CE - Bought with profit.
Holding the 25400 CE - Sold till expiry.
The understanding is that Nifty will close below 25,400 this weekly expiry and will continue to be sideways. I don't wan't to be a part of sideways market.