Trade Log NIFTY July 7
Review of my view from yesterday’s post
Strong momentum day in trending market. If there is some consolidation tomorrow below today’s high, it is actually a good sign in favour of continuing positive momentum for 11000.
If NIFTY rallies to make new high again towards 11000, it is very possible that it is near intermediate top. In that case it is better to trade strictly on very short targets. Better to stay out.
Possibility 1 of consolidation. So overall, the setup looks good for a strong up move tomorrow.
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My trades today
In the initial few 15 min candles, I assumed consolidation day. I entered short on the break of support and squared it off at gap support.
Observations for the day
NIFTY closed near high of the day with 0.33% gains.
BANK NIFTY completed some lag with NIFTY which will add fuel to NIFTY now. It closed +1.93%.
VIX fell to 25.10
Open Interest shows a 10500-11000 range for the week.
My view for tomorrow’s session
1. With BANKNIFTY leading, the stage is set for a perfect rally tomorrow. It’s dead simple on charts now that NIFTY will go to 10900-11000 levels.
2. If there is a massive gap up, I won't trade.
3. For brave traders, the reversal opportunity is near 10989.
The conflict I expressed in my weekly post [Link below] is now resolved, and the chart is telling firm bullish sentiment.
My Weekly review post
Strong momentum day in trending market. If there is some consolidation tomorrow below today’s high, it is actually a good sign in favour of continuing positive momentum for 11000.
If NIFTY rallies to make new high again towards 11000, it is very possible that it is near intermediate top. In that case it is better to trade strictly on very short targets. Better to stay out.
Possibility 1 of consolidation. So overall, the setup looks good for a strong up move tomorrow.
-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
My trades today
In the initial few 15 min candles, I assumed consolidation day. I entered short on the break of support and squared it off at gap support.
Observations for the day
NIFTY closed near high of the day with 0.33% gains.
BANK NIFTY completed some lag with NIFTY which will add fuel to NIFTY now. It closed +1.93%.
VIX fell to 25.10
Open Interest shows a 10500-11000 range for the week.
My view for tomorrow’s session
1. With BANKNIFTY leading, the stage is set for a perfect rally tomorrow. It’s dead simple on charts now that NIFTY will go to 10900-11000 levels.
2. If there is a massive gap up, I won't trade.
3. For brave traders, the reversal opportunity is near 10989.
The conflict I expressed in my weekly post [Link below] is now resolved, and the chart is telling firm bullish sentiment.
My Weekly review post
Penafian
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