My yeterdays trading Log
Nothing to mention. Consolidation in the range. Neither of the trading range boundaries were broken today.
My Trades today
I did not trade today.
My Observations for the day
1. 4th consolidation candle. NIFTY closed -0.10%.
2. BANKNIFTY closed 0.05%.
3. VIX at 29.12.
4. Advance Decline 20 to 29.
5. FII data turned bearish yesterday.
6. Option data suggesting downward bias. 10000-10400 is the range market players are expecting for this expiry.
My view for tomorrow
1. As i have said in my weekly view, I am more on bearish side and I think this consolidation will result in break of 10240.
2. I'll short on break of 10240. My bearish bias is wrong if NIFTY closes above 10420.
If NIFTY has strength of its own, today could have been the day when NIFTY climbs and breaks above 10400. It could not. It had similar opportunity on downside on Monday. Overall NIFTY had 3 touchdowns to 10240 level, next touch should probably breakdown. Hence I'm taking that view.
Nothing to mention. Consolidation in the range. Neither of the trading range boundaries were broken today.
My Trades today
I did not trade today.
My Observations for the day
1. 4th consolidation candle. NIFTY closed -0.10%.
2. BANKNIFTY closed 0.05%.
3. VIX at 29.12.
4. Advance Decline 20 to 29.
5. FII data turned bearish yesterday.
6. Option data suggesting downward bias. 10000-10400 is the range market players are expecting for this expiry.
My view for tomorrow
1. As i have said in my weekly view, I am more on bearish side and I think this consolidation will result in break of 10240.
2. I'll short on break of 10240. My bearish bias is wrong if NIFTY closes above 10420.
If NIFTY has strength of its own, today could have been the day when NIFTY climbs and breaks above 10400. It could not. It had similar opportunity on downside on Monday. Overall NIFTY had 3 touchdowns to 10240 level, next touch should probably breakdown. Hence I'm taking that view.