In my yesterdays post I had said
Even though the chart looks good, I have a bearish bias for tomorrow and Monday. This is mostly because the whipsaw we saw yesterday. If NIFTY manages to close above the new high by Monday, I’ll be wrong again.
I’ll not short, but mostly observe if it crosses 10850. I’ll short NIFTY below 10730.
Nothing changes in my view and I carry forward my view to Monday.
My trades
I did not trade today, as none of the levels I was watching were clearly broken.
Observations for the day
NIFTY sideways for the day, ultimately closed 0.42% down.
BANK NIFTY down 2.22%.
VIX mildly up 0.12%
Advance Decline ratio is 14 to 36, in line with negative closing.
Option data tilted for mild bearish bias.
Overall, NIFTY did not do badly because of Reliance. BANK NIFTY trend is near bearish, NIFTY sideways for near term. NIFTY’s consolidation can be an intermediate topping pattern or consolidation. It can be confirmed only when NIFTY closes below 10560 levels.
I’ll do a detailed post over the weekend on my next week’s view.
Have a great weekend ahead!
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My July 9 Post
Even though the chart looks good, I have a bearish bias for tomorrow and Monday. This is mostly because the whipsaw we saw yesterday. If NIFTY manages to close above the new high by Monday, I’ll be wrong again.
I’ll not short, but mostly observe if it crosses 10850. I’ll short NIFTY below 10730.
Nothing changes in my view and I carry forward my view to Monday.
My trades
I did not trade today, as none of the levels I was watching were clearly broken.
Observations for the day
NIFTY sideways for the day, ultimately closed 0.42% down.
BANK NIFTY down 2.22%.
VIX mildly up 0.12%
Advance Decline ratio is 14 to 36, in line with negative closing.
Option data tilted for mild bearish bias.
Overall, NIFTY did not do badly because of Reliance. BANK NIFTY trend is near bearish, NIFTY sideways for near term. NIFTY’s consolidation can be an intermediate topping pattern or consolidation. It can be confirmed only when NIFTY closes below 10560 levels.
I’ll do a detailed post over the weekend on my next week’s view.
Have a great weekend ahead!
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My July 9 Post
