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.
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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
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
