Trade Log NIFTY July 28
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 a clean trending day and breakout of the range.
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My trades today
As per my plan, I bought 11200 CALL on break of 11220 and squared it off near the end of the day.
My Observations for the day
NIFTY broke out of the range today with 1.52% gain. It has closed above 11300.
BANK NIFTY also gained 1.17%
VIX cooled off and is now at 23.64
The Advance Decline ratio is good 42 to 8.
Option Data indicating range of 1100-11500 for expiry.
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My view for tomorrow
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 up move, then NIFTY can see sudden surge in next 2-3 days into July 30 Expiry. If it is more like ordinary day, there may be some consolidation confirming the breakout.
My plan for tomorrow
No clear bias for tomorrow. So I’ll mostly watch opening and avoid jumping into trade in the initial hour. Reversal trade above 11380. If there is a retest, I need to see how it supports the breakout.
My July 28 post
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 a clean trending day and breakout of the range.
==================================================================================================================================================================
My trades today
As per my plan, I bought 11200 CALL on break of 11220 and squared it off near the end of the day.
My Observations for the day
NIFTY broke out of the range today with 1.52% gain. It has closed above 11300.
BANK NIFTY also gained 1.17%
VIX cooled off and is now at 23.64
The Advance Decline ratio is good 42 to 8.
Option Data indicating range of 1100-11500 for expiry.
==================================================================================================================================================================
My view for tomorrow
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 up move, then NIFTY can see sudden surge in next 2-3 days into July 30 Expiry. If it is more like ordinary day, there may be some consolidation confirming the breakout.
My plan for tomorrow
No clear bias for tomorrow. So I’ll mostly watch opening and avoid jumping into trade in the initial hour. Reversal trade above 11380. If there is a retest, I need to see how it supports the breakout.
My July 28 post
Penafian
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