Trade Log NIFTY August 24

2020年8月24日

My weekly view for August 24 - 28

As I have mentioned, I am not comfortable trading the 11380-11630 zone with overnight positions. I am only trading intra day. I'll trade either below 11380 or near 11630 with positional trade ideas.
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My trades today

When the opening range was mildly broken, I sold the PUT option, which I covered later in the day.

My observations for the day

NIFTY gained 0.83%. It closed above 11450.
BANK NIFTY gained 2.39%
VIX dropped 3.55%
Advance Decline ratio is 28 to 22

NIFTY gave a breakout above 11460 and also retested the same during late of the day. This makes the trend bullish on weekly, daily and hourly time frames.

My view for tomorrow

NIFTY is on it’s way to the upper boundary of the gap -11633. I don't know how fast it can travel, But I expect that target to get achieved in this expiry. If It gets to 11633 in the next two sessions, I plan to take a reversal trade with tight stop loss. Till then, just ride the trend using intraday breakouts.