Updated

Neutral to start with.. Levels marked to identify trend moves

BankNifty has opened sideways - No trend so far. Trading inside the Trend line. Close to the CPR levels.

Break of 41280-41360 or 40820(prev Day low) will trigger moves on either side..

Upper Target will be 41690 on Break of R1 at R2

Lower Target will be 40620-40595 range (S1 and Prev WeekLow)

Recommedn use of a Credit Spread to play the directional moves either side.Sell above or below CPR and use the Target levels for your spreads.

We will revisit the trades later today.

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Have taken a Bear Call Spread.. Somehow not convinced with the buy volumes and in fact the CPR is being broken on the lower side. Limited risk trade.. Will scale if the trade moves down and breaks PDL..

Trade active

So far the CPR level has held well. Inching to PDL, break of which spread can be scaled up.

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Didnt break PDL. Reversed from there.. Remains sideways now. Candles back within the CPR

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Reversal from PDL doesnt mean a Bullish trend. Market still within the PWH, PDL so no trend. Will exit credit spread if market breaks 41100 levels.. No Lower Low so far. Directionless at best. Lets see what up in the 2nd half.

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Hmm back at the downward trendline.. If it moves down again reversing will not exit the Credit Spread.

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Market is running directionless.. Testing my patience. Not continuing with a bearish Credit spread. Converted into an Iron Condor and will take this overnight. Sold another Credit spread in the Puts to balance the trade. At peace now given SL is now fixed even if Overnight , somewhere some bomb falls and market hits circuit. Max SL at 1% of portfolio. If trade pans out till expiry will make 0.5%. 3 days to expiry.

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Spoke too soon broke day low and PDL.. Adjusted CE moving it closed to 41000.

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When you are biased, market acts neutral and when you decide to play neutral, it changes tack moves to your original trend. Its so frustrating. :)

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Still hold the bear call spread. SL hit on the PE Sell side..

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Closed all trades and opened the overnight Iron Condor(far OTM) for theta decay..

The PE SL did take some of my earlier profits..Timing thing, lost patience in the 2nd half and took the PE side spread and paid for it.. Lessons learnt :)

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The Day low in the 1st half is now acting as Resistance as seen in the late evening price action. Expect this bearish move to continue to target S1 tomorrow.

yrdvas

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yrdvas

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