Trade Log NIFTY July 29
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 consolidation confirming the breakout.
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Indeed, NIFTY behaved differently. Breakout of the range has failed now.
My trades today.
When an attempt failed to test morning high, I sold 11250 CALL. I was sure that NIFTY is likely to test 11235 where I had set the target and SL was at the high of the day. NIFTY actually moved much below what I anticipated. I ended up taking out profits at the target.
My observations
NIFTY closed at 11202 , -0.86% down.
BANK NIFTY closed -0.13% down
VIX gained 1.99%
Advance decline ratio is at 22 to 28
FII and DII data on negative side
My view for tomorrow
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.
July 28 Post
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 consolidation confirming the breakout.
=======================================================================
Indeed, NIFTY behaved differently. Breakout of the range has failed now.
My trades today.
When an attempt failed to test morning high, I sold 11250 CALL. I was sure that NIFTY is likely to test 11235 where I had set the target and SL was at the high of the day. NIFTY actually moved much below what I anticipated. I ended up taking out profits at the target.
My observations
NIFTY closed at 11202 , -0.86% down.
BANK NIFTY closed -0.13% down
VIX gained 1.99%
Advance decline ratio is at 22 to 28
FII and DII data on negative side
My view for tomorrow
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.
July 28 Post
כתב ויתור
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