My view for this week
My Trades
As planned, I did a reversal trade around 11000. I was not quick enough to square it off on the first deep and made losses on the trade.
My observations for the day
NIFTY did not get rejected at 11000. It closed above 11000 by gaining 1.11%
BANK NIFTY gained 1.62%. But It formed a doji candle + Gap opening.
VIX increased 2.30%. This shows some sense of uncertainty amongst the market participants.
Advance Decline ratio is 30 to 19. Not very supportive of the gains.
My view for tomorrow
Trend is up. There is no resistance till 10269. I’ll mostly trade intraday on upside.
As I mentioned in my weekly view, I’ll wait patiently till I see some signs of exhaustion. In line with my Monthly view posted in June, NIFTY is close 400 points away from challenging my monthly view. Hence I don't move fast on either sides.
My Trades
As planned, I did a reversal trade around 11000. I was not quick enough to square it off on the first deep and made losses on the trade.
My observations for the day
NIFTY did not get rejected at 11000. It closed above 11000 by gaining 1.11%
BANK NIFTY gained 1.62%. But It formed a doji candle + Gap opening.
VIX increased 2.30%. This shows some sense of uncertainty amongst the market participants.
Advance Decline ratio is 30 to 19. Not very supportive of the gains.
My view for tomorrow
Trend is up. There is no resistance till 10269. I’ll mostly trade intraday on upside.
As I mentioned in my weekly view, I’ll wait patiently till I see some signs of exhaustion. In line with my Monthly view posted in June, NIFTY is close 400 points away from challenging my monthly view. Hence I don't move fast on either sides.