Observe_Think_Act_Think

Observe_Think_Act_Think

In my August 10 Trade Log, I had said I expect a positive day tomorrow with the possibility of a new high. NIFTY made a new high and ended positive. ======================================================================= My trades No trades for today. Intraday range was very low. The breakdown of initial range was risky as NIFTY had made new high and my...

Observe_Think_Act_Think

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...

Observe_Think_Act_Think

In my last weekly post, I expected I take consolidation with a negative bias view. The pattern target is 10860. I sense that this week, NIFTY is likely to hit that zone. I need to see if this happens with momentum. There should not be any closing above 11130, If there is any closing above this level, short bias is challenged. If NIFTY crosses above,...

Observe_Think_Act_Think

In my post dated August 6, I had said I am again expecting consolidation to a bearish day. As I said, good setup for reversal around 11280-11300. It was a consolidation day. Not bearish. ================================================================================================== My trades. I did not trade today. My Observations NIFTY closed flat...

Observe_Think_Act_Think

From my August 5 update, I expected NIFTY has strong resistance at 11228. Any bounce tomorrow upto 11228, excellent shorting opportunity with clear stop. News driven action likely tomorrow. I expect consolidation to bearish movement tomorrow. NIFTY was choppy, but not necessarily bearish. The short from 11228 was a good setup, but too fast to trade as it...

Observe_Think_Act_Think

In my August 4 trade view, I said Considering the momentum NIFTY had on 4 days of downtrend, I treat this bounce as the first bounce, which is likely to fail. But considering the chart of Reliance and BANK NIFTY , I feel there is some more upside up to 100-150 points. For tomorrow, I expect sideways market mostly with touch of 11050 - 11000 area, which...

Observe_Think_Act_Think

In my August 3 post, I had said Today is the fourth day for the down move. When I see the reliance chart and NIFTY chart I think touch of support zone 10780-10830 is possible in tomorrow’s session. This zone is where there is a possibility of some sort of bounce. This is the first bounce after correction, so likely to fail. It is better to wait and let the...

Observe_Think_Act_Think

I my weekly review post (Link below), I commented, I take consolidation with a negative bias view. The pattern target is 10860. I sense that this week, NIFTY is likely to hit that zone. I need to see if this happens with momentum. There should not be any closing above 11130, If there is any closing above this level, short bias is challenged. If NIFTY crosses...

Observe_Think_Act_Think

In my last weekly’s review (link below) I feel there are few very important levels, yet to be crossed. One such level I am watching is 11269, 11370 and then 11600. There are chances that NIFTY may show picture perfect reversal at these levels. So it is better to attempt limited risk shorts at these levels. For reliance , 2250-2350 is the zone where technical...

Observe_Think_Act_Think

In my yesterday’s post I had said Tomorrow, I assume a downward bias with the possibility of 11040 and 11000. I’ll see the price action around this area to decide the next steps. If this is really some sort of intermediate top, there should be a gap down and the gap will be sustained for the day. NIFTY touched 11040. The price action around this level is...

Observe_Think_Act_Think

In my trade log of July 29, I commented The breakout has failed. I think NIFTY is likely to test other extremes -- retest of 11000 and 10900 initially. This may not happen tomorrow as tomorrow is an expiry day. There may be another attempt towards 11270 which needs to be watched carefully. Tomorrow I am more biased towards consolidation day. Review NIFTY is...

Observe_Think_Act_Think

In my post (link below) I expressed my view Typically, such range breakouts have caused 2-3 days of rally in NIFTY in the last 2-3 months. This time we can expect something different. If it is the last leg of the up move, then NIFTY can see a sudden surge in the next 2-3 days into July 30 Expiry. If it is more like an ordinary day, there may be some...

Observe_Think_Act_Think

In my post (Link below), I had said NIFTY is in the tight range of 11105 - 11220. It is really difficult to imagine the structure within this range, but considering today’s price action, I think NIFTY may break down tomorrow just a little. But there are multiple support zones from 11000-11050 where support is expected. Review: NIFTY did not break down. It was...

Observe_Think_Act_Think

Update to structure and certain assumptions that proved wrong I was thinking that the 10700-10920 area won't be crossed easily. But it was crossed with 2 gaps. And in two days NIFTY is near the 11200 area. For the last few weeks, I have been putting a structure of rising wedge that does not look valid. There are too many divergences and it is not a clean...

Observe_Think_Act_Think

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...

Observe_Think_Act_Think

In my yesterdays post (link below), I had said I do not have strong bias on either side. Also it is an expiry day. I’ll watch the first few minutes of action. If there is bearish continuation, then intraday short may be a good idea. Some consolidation structure, possible retest towards 11200 is possible in next 1-2 sessions. Though it looked like a bullish...

Observe_Think_Act_Think

In my yesterday’s post (Link Below) I had said 1. I’ll be trading with consolidation to bearish bias tomorrow. This view is against the trend but I think 11200-11270 is a good area to start thinking about reversal. 2. I’ll build positional shorts, not aggressively, but with generous time and price stop loss. 3. For tomorrow, if there is a gap up, I think it'll...

Observe_Think_Act_Think

My July 20 Trade Log I had said (Link below) Trend is up. There is no resistance till 10269. I’ll mostly trade intraday on upside. As I mentioned in my weekly view, I’ll wait patiently till I see some signs of exhaustion. In line with my Monthly view posted in June, NIFTY is close 400 points away from challenging my monthly view. Hence I don't move fast on...