Trades today:
Simple trending day. I sold 9100 Call and covered it in few hours as first support appeared.
Review of the Price Action Today
In my weekly view
I had said
1. NIFTY is likely to stay below 9450. 9000 is important psychological level and in the support zone . I wont short NIFTY aggressively till it closes below 8800.
2. I do not expect NIFTY to end below 8500-8600 this month.
3. Intra-day movement can be confusing in this zone. Trading light and exiting quickly is required.
Nothing of this is confirmed so far. But we closed below 9000 today and that was a psychological level.
For today's price action,
1. Global markets were in positive. European markets are around 1.5% up. Still NIFTY down 3%.
2. BANK Nifty fell 6.69%
3. Market breadth extremely weak.
4. VIX rose 7%.
Overall it was a classic downtrend day with all things lining up.
1. NIFTY is trending down on all time-frames.
2. Today's low is unlikely to be bottom, there will be new low.
3. 8800 Level is the support where NIFTY can attempt to bounce but it should not bought.
4. Below 8800, there is no significant support till 8500.
Simple trending day. I sold 9100 Call and covered it in few hours as first support appeared.
Review of the Price Action Today
In my weekly view
I had said
1. NIFTY is likely to stay below 9450. 9000 is important psychological level and in the support zone . I wont short NIFTY aggressively till it closes below 8800.
2. I do not expect NIFTY to end below 8500-8600 this month.
3. Intra-day movement can be confusing in this zone. Trading light and exiting quickly is required.
Nothing of this is confirmed so far. But we closed below 9000 today and that was a psychological level.
For today's price action,
1. Global markets were in positive. European markets are around 1.5% up. Still NIFTY down 3%.
2. BANK Nifty fell 6.69%
3. Market breadth extremely weak.
4. VIX rose 7%.
Overall it was a classic downtrend day with all things lining up.
1. NIFTY is trending down on all time-frames.
2. Today's low is unlikely to be bottom, there will be new low.
3. 8800 Level is the support where NIFTY can attempt to bounce but it should not bought.
4. Below 8800, there is no significant support till 8500.