Trade Log NIFTY July 2
In my yesterday's post I had said
1. NIFTY broke out above 10400, but faced resistance at 10440. 10440 is strong resistance. So tomorrow, strong candle above 10440 is required to confirm this breakout. Breadth is not supportive for the breakout.
2. Tomorrow, I'll wait to see if breakout gets confirmed. Tomorrow is weekly expiry. Considering consolidation, there could be some strong moves in either direction. I'll refrain from option selling (Near the money) tomorrow.
3. 10390 and 10360 is the zone, break of which will remove the strength of the breakout.
4. For intra-day, any 30 min break above 10440 is a signal for long and confirmation of up move today.
My view about strong moves, break of 10440 with strong candle all happened.
My trades today
1. I sold 10400 PUT on breakout of the range and covered it near 10580 resistance.
My observations for the day
1. NIFTY strong up day breaking and closing above previous high. It closed 1.17% up.
2. BANKNIFTY closed -0.11%.
3. VIX down -5.73%.
4. Advance Decline ratio is 36 to 14.
My view for tomorrow
1. Today's breakout is not a convincing breakout. Mostly because of it was weekly expiry and BANKNIFTY not supporting the move.
2. I do not anticipate this upswing will have lot of momentum. But with close above 10440, I have changed my view about the trend to bullish.
3. But I wont take overnight long positions. I am reluctant to be completely positive about this breakout.
1. NIFTY broke out above 10400, but faced resistance at 10440. 10440 is strong resistance. So tomorrow, strong candle above 10440 is required to confirm this breakout. Breadth is not supportive for the breakout.
2. Tomorrow, I'll wait to see if breakout gets confirmed. Tomorrow is weekly expiry. Considering consolidation, there could be some strong moves in either direction. I'll refrain from option selling (Near the money) tomorrow.
3. 10390 and 10360 is the zone, break of which will remove the strength of the breakout.
4. For intra-day, any 30 min break above 10440 is a signal for long and confirmation of up move today.
My view about strong moves, break of 10440 with strong candle all happened.
My trades today
1. I sold 10400 PUT on breakout of the range and covered it near 10580 resistance.
My observations for the day
1. NIFTY strong up day breaking and closing above previous high. It closed 1.17% up.
2. BANKNIFTY closed -0.11%.
3. VIX down -5.73%.
4. Advance Decline ratio is 36 to 14.
My view for tomorrow
1. Today's breakout is not a convincing breakout. Mostly because of it was weekly expiry and BANKNIFTY not supporting the move.
2. I do not anticipate this upswing will have lot of momentum. But with close above 10440, I have changed my view about the trend to bullish.
3. But I wont take overnight long positions. I am reluctant to be completely positive about this breakout.
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