8th High on NIFTY : View till weekly and monthly expiry
*** This is against the trend trade. Hence need to be very cautious with the execution and stop loss. ***
Monthly view :
1) NIFTY has broken previous all time high and created new high on closing basis after 103 days.
2) Volatility is dropping significantly.
3) When this happened in the past, NIFTY did not race, but just consolidated with upward bias.
I am going to create Iron Condor on Monthly and exit it on any retest of 15300-15350 zone.
Iron Condor : Sell : 15350 CE/ 15300 PE Buy 15700 CE / 14950 PE
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Weekly expiry view:
Hit and run trade to play overextension of NIFTY. Today NIFTY created 8th high. I assume some consolidation till Wednesday. I'll Create 15500 /15600 CE Spread where risk will be very limited. Setting orders near 15050 region for the spread.
Monthly view :
1) NIFTY has broken previous all time high and created new high on closing basis after 103 days.
2) Volatility is dropping significantly.
3) When this happened in the past, NIFTY did not race, but just consolidated with upward bias.
I am going to create Iron Condor on Monthly and exit it on any retest of 15300-15350 zone.
Iron Condor : Sell : 15350 CE/ 15300 PE Buy 15700 CE / 14950 PE
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Weekly expiry view:
Hit and run trade to play overextension of NIFTY. Today NIFTY created 8th high. I assume some consolidation till Wednesday. I'll Create 15500 /15600 CE Spread where risk will be very limited. Setting orders near 15050 region for the spread.
Trade active:
As expected day of consolidation. Book profits around 15500. Stop Loss Above todays high 16660
Trade closed: target reached:
NIFTY is trading near 15500. Closing the trade