Trade Log NIFTY July 13

NSE:NIFTY   Nifty 50 Index
In my weekly view I had said

If there is a breakout of 10850, I am not going to buy it till it gets confirmed by 2 days sustaining above it.

There was a breakout, and it did not sustain above 10850 for long and came right back in the consolidation zone.

My trades today

I sold 10800 CALLs when NIFTY started showing weakness. Then I squared off the 1 of them near support. I’m carrying the remaining position overnight.

My Observations for the day

NIFTY failed the breakout. It closed 0.32% up. It formed a small indecision candle.
BANKNIFTY closed 1.38% down.
VIX is 1.24% up.
Advance Decline ratio for NIFTY is positive - 33 to 16.
Option data suggesting range of 10700-11000.

NIFTY showed strength and BANKNIFTY did not support. Sellers are not showing the strength. The lower end of the range ~10710 has been tested 3 times. Also NIFTY tried 3 times to close above 10820, but did not succeed. This is a very tight range of 100 points.

My view for tomorrow

I believe, gap up failed on upside breakout, now in next two sessions the other extreme of the range will be tested, that is 10700.
I’ll wait for a breakout now of this range. I’ll also not expect great momentum on breakout, mostly if it is upward towards 10900.

My Weekly View


how bars and days helps?
Home Stock Screener Forex Screener Crypto Screener Economic Calendar About Chart Features Pricing Refer a friend House Rules Help Center Website & Broker Solutions Widgets Charting Solutions Lightweight Charting Library Blog & News Twitter
Profile Profile Settings Account and Billing Referred friends Coins My Support Tickets Help Center Private Messages Chat Sign Out