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 indecisive. There was a bounce, but it was not a sharp bounce. So I need to look at Monday’s price action. If this is a usual correction in a large up move, it is less likely that there is any gap down etc. If there is a gap down with a break below 11000 with force, then I’ll start thinking about the intermediate down trend.
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My trades today.
Range bound day and filled the gap. I sold 11100 CALL in the morning and later covered it exactly at gap fill support. Since there was tight range consolidation during the initial day, I was careful about reversal around 11040.
My observations for the day
NIFTY continued its downwards grind, closed 0.26% down.
BANK NIFTY closed 0.03%
VIX fell 2.16%. Market players sense no uncertainty at this level.
Advances to Decline ratio is 34 to 15.
Reliance fell around 2%. It dragged the market by 31 points.
Option data showing bearish tilt with resistance building around 11200
I’ll do detailed post about my next week’s view over the weekend.
Have a great weekend!
Link to my yesterday;s post
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 indecisive. There was a bounce, but it was not a sharp bounce. So I need to look at Monday’s price action. If this is a usual correction in a large up move, it is less likely that there is any gap down etc. If there is a gap down with a break below 11000 with force, then I’ll start thinking about the intermediate down trend.
=========================================================================================================================================================================
My trades today.
Range bound day and filled the gap. I sold 11100 CALL in the morning and later covered it exactly at gap fill support. Since there was tight range consolidation during the initial day, I was careful about reversal around 11040.
My observations for the day
NIFTY continued its downwards grind, closed 0.26% down.
BANK NIFTY closed 0.03%
VIX fell 2.16%. Market players sense no uncertainty at this level.
Advances to Decline ratio is 34 to 15.
Reliance fell around 2%. It dragged the market by 31 points.
Option data showing bearish tilt with resistance building around 11200
I’ll do detailed post about my next week’s view over the weekend.
Have a great weekend!
Link to my yesterday;s post
