Nifty Started with 2% selling on Open. Then it formed a range of 8100 and 8160, which was broken on the upside. But this breakout did not hold. Then later this range was broken on the other side below.
Overall, difficult day to day trade.
From the start, there were indications that NIFTY is going to have up day
SGX NIFTY and Asian Markets and DJI all up.
Then the first gap up got sold into. It was fast movement towards support. Idea was to keep buying the breakouts with limiting the risk with OTM Puts.
Trading trapped shorts
1. After decent uptrend, the first lower low is not actually shorting opportunity.
2. Second short could have been avoided if waiting for trend line break is confirmed on shorter time frames.
Nifty initially tried to fill the gap. This attempt was failed.
Then the momentum was reversed on the downside. The 8900 Call was sold at 145 Rs for risk of 2000 Rs.
The call was later covered during the day.
DOW is range bound but bullish. Asian Markets are mildly negative.
Mostly expectation is to have consolidation day.
Action : Wait to see how NIFTY is ranging in the first 30 minutes to 1 hr. SGX Nifty is mildly down.
When NIFTY broke above 8500 in first 30 Mins, then sold PUT @69 and then covered it before FM's conference.
Date : March 25, 2020 8:00 AM
Monthly : Bearish.
Highly bearish candle. For any trend reversal or consolidation to happen, NIFTY should close above 8990 first and then 9500.
Weekly : Bearish.
Formation of 7th Lower Low is being formed in the current week. Weekly momentum has not shown any signs of slowing down. Any Higher high candle will be a first bounce and...
Date : March 24, 2020 8:30 AM
Asian markets up and SGX nifty up. There is no major news, so this could be a more technical pullback.
Action : If it gaps up, sell 1 lot and cover on the gap fill. And then the idea would be to again buy gap fill and wait for profitable exit.
If there is no gap, then wait for the index to establish the range.
Look for any good...