In my view of June 3 I had said
1. Tomorrow is weekly expiry. Overall there are some tiredness signs visible for the rally, but I still wont short it tomorrow.
2. Tomorrow will be 7th day. I think there is one more push remaining for NIFTY in current swing before consolidation.
3. I'll mostly wait on sideline, and not take much bets in first half of the day.
So not much change here actually, NIFTY saw consolidation around 10000.
My trades today
1. When NIFTY came to touch the support around 9980, I sold 10000 PUT and later covered it for profit.
My observations for the day
1. NIFTY was choppy and it was uneventful expiry. NIFTY closed -0.32% down
2. BANKNIFTY lost -2.63%. And it mostly contributed to NIFTY's fall.
3. VIX is stable and fell below 30.
4. Advance Decline ratio neutral market wide and for NIFTY it is 26 to 23
5. Option chain indicating sideways expectation of traders as there is balanced open interest. Today's action favouring consolidation with downward bias. 10500 and 9500 have highest open interest.
My view for tomorrow
1. NIFTY may not give rapid gains now as VIX is colling 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 underperformer, 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.
Given this view I wont short currently. And keep playing intra day levels cautiously.
1. Tomorrow is weekly expiry. Overall there are some tiredness signs visible for the rally, but I still wont short it tomorrow.
2. Tomorrow will be 7th day. I think there is one more push remaining for NIFTY in current swing before consolidation.
3. I'll mostly wait on sideline, and not take much bets in first half of the day.
So not much change here actually, NIFTY saw consolidation around 10000.
My trades today
1. When NIFTY came to touch the support around 9980, I sold 10000 PUT and later covered it for profit.
My observations for the day
1. NIFTY was choppy and it was uneventful expiry. NIFTY closed -0.32% down
2. BANKNIFTY lost -2.63%. And it mostly contributed to NIFTY's fall.
3. VIX is stable and fell below 30.
4. Advance Decline ratio neutral market wide and for NIFTY it is 26 to 23
5. Option chain indicating sideways expectation of traders as there is balanced open interest. Today's action favouring consolidation with downward bias. 10500 and 9500 have highest open interest.
My view for tomorrow
1. NIFTY may not give rapid gains now as VIX is colling 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 underperformer, 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.
Given this view I wont short currently. And keep playing intra day levels cautiously.