In my yesterday’s trade log, I said
"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."
Nothing much has changed.
My trades
I sold 11500 CALL when the opening range broke. It was covered later.
My observations
NIFTY had a choppy day. It was 4th straight higher high higher low day. It closed 0.05% up.
BANK NIFTY gained 1.13%
VIX up 0.44%
Advance Decline ratio 21 to 29.
Reliance Industries continues to drag by losing 0.65%
My view for tomorrow
For tomorrow, I don't have clear bias. I think there is not going to be a gap up opening tomorrow. NIFTY did 3 consecutive gap ups. Tomorrow, it may be flat to gap down opening. It needs to be seen how the gap gets bought. Intraday, short trade is more probable if there is no large gap down and NIFTY fails to keep opening range. The support is placed at 11400 and 11360.
"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."
Nothing much has changed.
My trades
I sold 11500 CALL when the opening range broke. It was covered later.
My observations
NIFTY had a choppy day. It was 4th straight higher high higher low day. It closed 0.05% up.
BANK NIFTY gained 1.13%
VIX up 0.44%
Advance Decline ratio 21 to 29.
Reliance Industries continues to drag by losing 0.65%
My view for tomorrow
For tomorrow, I don't have clear bias. I think there is not going to be a gap up opening tomorrow. NIFTY did 3 consecutive gap ups. Tomorrow, it may be flat to gap down opening. It needs to be seen how the gap gets bought. Intraday, short trade is more probable if there is no large gap down and NIFTY fails to keep opening range. The support is placed at 11400 and 11360.
