In my yesterday’s post (Link Below) I had said
1. I’ll be trading with consolidation to bearish bias tomorrow. This view is against the trend but I think 11200-11270 is a good area to start thinking about reversal.
2. I’ll build positional shorts, not aggressively, but with generous time and price stop loss.
3. For tomorrow, if there is a gap up, I think it'll be difficult to sustain the gap especially if it is near 11200.
Overall, this expectation was correct. I also entered a positional short for August.
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My trades today.
I covered my short taken yesterday. But I did not trade intraday.
My observations for the day
NIFTY was weak with close -0.27%.
BANKNIFTY closed 0.44% up.
INDIA VIX closed 1.87% higher.
The Advance Decline ratio is 17 to 33, on the weaker side.
Option data suggesting the expected range for tomorrow’s expiry in 11000 - 11200.
Overall, it was a day of bears. Gap up was sold very quickly in the first few minutes, then retracement and then again fall. But last 30 minutes pullback was strong enough to create doubt about tomorrow’s session
My view for tomorrow
I do not have strong bias on either side. Also it is an expiry day.
I’ll watch the first few minutes of action. If there is bearish continuation, then intraday short may be a good idea.
Some consolidation structure, possible retest towards 11200 is possible in next 1-2 sessions.
My trade log for July 21
1. I’ll be trading with consolidation to bearish bias tomorrow. This view is against the trend but I think 11200-11270 is a good area to start thinking about reversal.
2. I’ll build positional shorts, not aggressively, but with generous time and price stop loss.
3. For tomorrow, if there is a gap up, I think it'll be difficult to sustain the gap especially if it is near 11200.
Overall, this expectation was correct. I also entered a positional short for August.
-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
My trades today.
I covered my short taken yesterday. But I did not trade intraday.
My observations for the day
NIFTY was weak with close -0.27%.
BANKNIFTY closed 0.44% up.
INDIA VIX closed 1.87% higher.
The Advance Decline ratio is 17 to 33, on the weaker side.
Option data suggesting the expected range for tomorrow’s expiry in 11000 - 11200.
Overall, it was a day of bears. Gap up was sold very quickly in the first few minutes, then retracement and then again fall. But last 30 minutes pullback was strong enough to create doubt about tomorrow’s session
My view for tomorrow
I do not have strong bias on either side. Also it is an expiry day.
I’ll watch the first few minutes of action. If there is bearish continuation, then intraday short may be a good idea.
Some consolidation structure, possible retest towards 11200 is possible in next 1-2 sessions.
My trade log for July 21
