Review of my weekly opinion
Possibility 1 : On Monday, observe the price action in the first hour. Any gap up or break of 10250, will confirm bullish inclination and further upside possible in the 11380-11440 zone.
Eventually, when and if Reliance has reached around 2300 levels and NIFTY in this zone, then I’ll enter positional short- reversal trade with SL of 100 points.
This possibility played out, only partially. Because closing was not very strong.
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My trades today
There was a break in the opening range. But it was very weak (2 indecision candles barely above the level) This actually made me look for reversal trade which came soon with breakout failure. I squared it off near the end of the day.
Some routine notes
NIFTY closed at 11270, nearly same where it opened for the day.
BANK NIFTY consolidated and finally settled 0.67% higher.
VIX lost 0.30%
Advance Decline 32 to 18.
Reliance Industries declined 1.16%
Open interest data is showing 11200 is being pushed as strong support.
Today’s price Action means
Today NIFTY sustained a gap up and had failed breaks on both sides of the range. This shows buyers and sellers are in equilibrium.
My view for tomorrow
I expect a positive day tomorrow with the possibility of a new high.
My plan for tomorrow
The best opening I expect is flat to mild negative, which should work in favour of bulls where the strength is built for newer high and possible breakout. Gap up attempt above 11330, may not be easily tradable.
Weekly view post
Possibility 1 : On Monday, observe the price action in the first hour. Any gap up or break of 10250, will confirm bullish inclination and further upside possible in the 11380-11440 zone.
Eventually, when and if Reliance has reached around 2300 levels and NIFTY in this zone, then I’ll enter positional short- reversal trade with SL of 100 points.
This possibility played out, only partially. Because closing was not very strong.
=======================================================================
My trades today
There was a break in the opening range. But it was very weak (2 indecision candles barely above the level) This actually made me look for reversal trade which came soon with breakout failure. I squared it off near the end of the day.
Some routine notes
NIFTY closed at 11270, nearly same where it opened for the day.
BANK NIFTY consolidated and finally settled 0.67% higher.
VIX lost 0.30%
Advance Decline 32 to 18.
Reliance Industries declined 1.16%
Open interest data is showing 11200 is being pushed as strong support.
Today’s price Action means
Today NIFTY sustained a gap up and had failed breaks on both sides of the range. This shows buyers and sellers are in equilibrium.
My view for tomorrow
I expect a positive day tomorrow with the possibility of a new high.
My plan for tomorrow
The best opening I expect is flat to mild negative, which should work in favour of bulls where the strength is built for newer high and possible breakout. Gap up attempt above 11330, may not be easily tradable.
Weekly view post
