In my yesterday’s post (link below) I said
Considering the recent upmove of 5 days, I think tomorrow NIFTY is likely to consolidate further in the range 11200-10950.
I won't go long immediately if 11200 is broken in the early morning or open.
Also for any intraday short position, NIFTY has to break 11170.
Consolidation day today. NIFTY was in the range 11050-11250
My Trades today
From the initial sharp move below 11170, I initiated a short position, which I squared off for loss near opening range high.
My observations for the day
NIFTY closed -0.19% down
BANK NIFTY closed 1.83% down
VIX dropped 0.43%
Advance Decline ratio very poor 7 to 43
Option traders creating positions for range 11000-11200
P/E ratio of NIFTY is 29.35 as of today
Today Reliance contributed 72 points of the entire gain. Index has been dragged by reliance.
BANK NIFTY severely under performed.
I’ll do a detailed post over the weekend for next week’s view
Happy weekend!
July 23 Post
Considering the recent upmove of 5 days, I think tomorrow NIFTY is likely to consolidate further in the range 11200-10950.
I won't go long immediately if 11200 is broken in the early morning or open.
Also for any intraday short position, NIFTY has to break 11170.
Consolidation day today. NIFTY was in the range 11050-11250
My Trades today
From the initial sharp move below 11170, I initiated a short position, which I squared off for loss near opening range high.
My observations for the day
NIFTY closed -0.19% down
BANK NIFTY closed 1.83% down
VIX dropped 0.43%
Advance Decline ratio very poor 7 to 43
Option traders creating positions for range 11000-11200
P/E ratio of NIFTY is 29.35 as of today
Today Reliance contributed 72 points of the entire gain. Index has been dragged by reliance.
BANK NIFTY severely under performed.
I’ll do a detailed post over the weekend for next week’s view
Happy weekend!
July 23 Post
