I posted this view yesterday, June 11
1. I'll continue to assume this is consolidation and any close below 9843 will create doubts in my mind.
2. At the same time, I think, the lower end of the range is close or discovered. And NIFTY now should make attempt again towards 10200.
3. I'll wait to see action on Friday and Monday to see if NIFTY goes and takes out 9800-9843 levels.
So for today, who could have imagined the kind of day NIFTY had today? It was volatile roller coaster ride from 9560 to 9995. Anyone who thinks any human being can predict the market, should periodically check the price action today. It has the potential to make even the best oracle feel humble.
Overall, NIFTY did not close below 9843, so I do not have doubts about my view. It is confirmed that now the ride is towards the other extreme of the range, that is 10200-10300 zone. This is confirmed, and mostly Monday will confirm to the same view.
My trades today:
1. First let me say, that I was able to manage my credit spread and got out of the same without any loss.
2. Then when opening range was broken out I bought 9700 CALL and sold it for profit near end of the day.
Buying CALL is little different from my usual trading ways, but there were two strong reasons form that
1) Today was Friday, so gain by theta is not very important.
2) CALL enabled me to limit downside risk, in case NIFTY had continued on gap down.
My observations for the day:
1. NIFTY formed large candle with gain of 0.72%
2. BANK NIFTY closed 0.63%
3. INDIA VIX swung from 10% to 3%.
4. Advance Decline ratio is 29 to 20.
5. From option data, 9600-9700 is a strong support. Resistance at 10000 level.
I am not going to take this action as bullish or bearish, but I am going to assume range first of 9800 - 10300. When it breaks out / down, next leg of trade will be clear. Currently there is higher probability of breaking above 10300 looks more probable. For more, please go through my last weeks view and monthly view.
My view posted on June 07 for the week gone by
My monthly view posted start of this month
I plan to do detailed post over the weekend for next weeks preview.
1. I'll continue to assume this is consolidation and any close below 9843 will create doubts in my mind.
2. At the same time, I think, the lower end of the range is close or discovered. And NIFTY now should make attempt again towards 10200.
3. I'll wait to see action on Friday and Monday to see if NIFTY goes and takes out 9800-9843 levels.
So for today, who could have imagined the kind of day NIFTY had today? It was volatile roller coaster ride from 9560 to 9995. Anyone who thinks any human being can predict the market, should periodically check the price action today. It has the potential to make even the best oracle feel humble.
Overall, NIFTY did not close below 9843, so I do not have doubts about my view. It is confirmed that now the ride is towards the other extreme of the range, that is 10200-10300 zone. This is confirmed, and mostly Monday will confirm to the same view.
My trades today:
1. First let me say, that I was able to manage my credit spread and got out of the same without any loss.
2. Then when opening range was broken out I bought 9700 CALL and sold it for profit near end of the day.
Buying CALL is little different from my usual trading ways, but there were two strong reasons form that
1) Today was Friday, so gain by theta is not very important.
2) CALL enabled me to limit downside risk, in case NIFTY had continued on gap down.
My observations for the day:
1. NIFTY formed large candle with gain of 0.72%
2. BANK NIFTY closed 0.63%
3. INDIA VIX swung from 10% to 3%.
4. Advance Decline ratio is 29 to 20.
5. From option data, 9600-9700 is a strong support. Resistance at 10000 level.
I am not going to take this action as bullish or bearish, but I am going to assume range first of 9800 - 10300. When it breaks out / down, next leg of trade will be clear. Currently there is higher probability of breaking above 10300 looks more probable. For more, please go through my last weeks view and monthly view.
My view posted on June 07 for the week gone by
My monthly view posted start of this month
I plan to do detailed post over the weekend for next weeks preview.