Trade Log NIFTY June 15

I had posted my weekly view yesterday

1. The touch of 9730 has happened today.
2. NIFTY has closed 1st time below 9824-9843, an important level which I watch closely.

My trades today
1. Once again simple trade worked. I sold 9800 CALL when opening range was broken out and then covered it on first sign of weakness.
2. As mentioned in weekly update, I have also created 9300/9400 and 9500/9600 Credit spreads.

Market Action today

1. NIFTY closed 1.6% lower. It was 6th day of bearish action.
2. BANK NIFTY fell 3.59%.
3. VIX rose 5.69%. High volatility during the day.
4. Market wide advance decline ratio is neutral, in NIFTY 8 advances for 42 Declines.
5. 9500 to 10000 is the range traders are expecting. 10200-10500 is likely resistance zone.

My readings of today's market action

1. I still think it is consolidation day. I do not have much bearish bias for tomorrow.
2. I think NIFTY is likely to touch the other end of range ~ 10000.
3. Depending on how it reacts near that level will decide the next course of action.
4. There was some congestion in the small range of 9788 - 9870. This is likely to be some low volume action, also occurred near end of the day.
5. 12th June candle is important ~ candle with large body ~ surprise candle. Close above 9972, bullish and close below 9545 is bearish. till then its consolidation inside the big candle.