In my view of 4th June I had said
1. NIFTY may not give rapid gains now as VIX is cooling and below 30.
2. NIFTY has strong resistance starting from 10380 - 10600.
3. In next 2-3 days, as early as tomorrow, NIFTY may see strong push towards 10400.
4. BANK NIFTY is under performer, but for the last push , it may again drag NIFTY along.
5. Tomorrow, if opened down, it may go to touch 9900-9930 zone and bounce from there.
Overall, I believe we have started seeing the push I mentioned and it may continue on Monday.
My trades today.
1. On break of opening range I sold 10100 PUT, but that did not work out well. It did not hit the stop loss and I closed it when it turned back in profit.
My observations today
1. NIFTY opened gap up, in the consolidation region and at the end recovered and closed near high of the day. It gained 1.13%.
2. BANK NIFTY was strong 3.16%
3. India VIX supporting the rally by going down 3.40%. That means traders are less anxious about this gains for now.
4. Market breadth very positive. 1567 advances to 309 declines. NIFTY 40 advances and 10 declines.
5. Option open interest data shows traders are balanced. Not very bullish and not bearish.
6. Weekly candle very positive , its 2nd around 6% week.
Overall trend is positive on weekly and daily time frames. The rise is fast and till I see the signs of consolidation, I assume upward trend is intact. I plan to do a detailed weekly view post over the weekend.
Have a nice weekend!
1. NIFTY may not give rapid gains now as VIX is cooling and below 30.
2. NIFTY has strong resistance starting from 10380 - 10600.
3. In next 2-3 days, as early as tomorrow, NIFTY may see strong push towards 10400.
4. BANK NIFTY is under performer, but for the last push , it may again drag NIFTY along.
5. Tomorrow, if opened down, it may go to touch 9900-9930 zone and bounce from there.
Overall, I believe we have started seeing the push I mentioned and it may continue on Monday.
My trades today.
1. On break of opening range I sold 10100 PUT, but that did not work out well. It did not hit the stop loss and I closed it when it turned back in profit.
My observations today
1. NIFTY opened gap up, in the consolidation region and at the end recovered and closed near high of the day. It gained 1.13%.
2. BANK NIFTY was strong 3.16%
3. India VIX supporting the rally by going down 3.40%. That means traders are less anxious about this gains for now.
4. Market breadth very positive. 1567 advances to 309 declines. NIFTY 40 advances and 10 declines.
5. Option open interest data shows traders are balanced. Not very bullish and not bearish.
6. Weekly candle very positive , its 2nd around 6% week.
Overall trend is positive on weekly and daily time frames. The rise is fast and till I see the signs of consolidation, I assume upward trend is intact. I plan to do a detailed weekly view post over the weekend.
Have a nice weekend!