Trade Log NIFTY August 6
From my August 5 update, I expected
NIFTY has strong resistance at 11228. Any bounce tomorrow upto 11228, excellent shorting opportunity with clear stop.
News driven action likely tomorrow.
I expect consolidation to bearish movement tomorrow.
NIFTY was choppy, but not necessarily bearish. The short from 11228 was a good setup, but too fast to trade as it was a news driven day.
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My trades
I did not trade today.
My observations for the day
NIFTY closed above 11200, that is 0.89% up.
BANK NIFTY closed 0.62% up.
VIX closed 1.77% down
Advance Decline ratio is 39 to 11
It was a weekly expiry and overall a choppy day.
Overall, it was 3rd up day after 4 consecutive down day. Tomorrow’s price action will be a test if the current bounce is strong enough to start a new swing higher.
I’ll look for a short if NIFTY is in the zone 11280-11300 zone. If NIFTY is trying to retest high, then it should not close above the previous swing high that is 11300. This is more positional short. From intra-day view, good opportunity on either side only after crossing one of extremes - 11250 and on downside 11130.
My view for tomorrow
I am again expecting consolidation to a bearish day. As I said, good setup for reversal around 11280-11300.
NIFTY has strong resistance at 11228. Any bounce tomorrow upto 11228, excellent shorting opportunity with clear stop.
News driven action likely tomorrow.
I expect consolidation to bearish movement tomorrow.
NIFTY was choppy, but not necessarily bearish. The short from 11228 was a good setup, but too fast to trade as it was a news driven day.
============================================================================================================================
My trades
I did not trade today.
My observations for the day
NIFTY closed above 11200, that is 0.89% up.
BANK NIFTY closed 0.62% up.
VIX closed 1.77% down
Advance Decline ratio is 39 to 11
It was a weekly expiry and overall a choppy day.
Overall, it was 3rd up day after 4 consecutive down day. Tomorrow’s price action will be a test if the current bounce is strong enough to start a new swing higher.
I’ll look for a short if NIFTY is in the zone 11280-11300 zone. If NIFTY is trying to retest high, then it should not close above the previous swing high that is 11300. This is more positional short. From intra-day view, good opportunity on either side only after crossing one of extremes - 11250 and on downside 11130.
My view for tomorrow
I am again expecting consolidation to a bearish day. As I said, good setup for reversal around 11280-11300.
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