Trade Log NIFTY May 26
My trades today
1. When initial gap up failed to cross 9160, I sold 9200 CALL, which I covered later in the day.
2. Since today's price action was very weak, I bought 9100 PUT for 4th June Expiry. Stop Loss for this is 9160.
What I observe for today is
1) Starting the day, there was lot of positive global clues. Asian Markets and DOW higher 1%+. But NIFTY failed to keep the gains and closed in red.
2) BANK NIFTY was better than NIFTY , but weak.
3) Advance Decline ratio positive 31:19
4) VIX fell by 2.8%
5) 9000 is the key level from Option Chain.
Overall my conclusion is
1) I had said , "Tuesdays price action should be taken as indicative of trend forward". I believe in that and till expiry, there could be down trend continuation.
2) I am not sure if 9000 will hold. 8970 - 8940 is key support region, if this fails, the bias is on short side.
Again 9150 - 8950 is the range we are looking at. I am not going to sell options around this range, as this is expiry week and there can be surprises. But trade will come when breakout of the range happens.
1. When initial gap up failed to cross 9160, I sold 9200 CALL, which I covered later in the day.
2. Since today's price action was very weak, I bought 9100 PUT for 4th June Expiry. Stop Loss for this is 9160.
What I observe for today is
1) Starting the day, there was lot of positive global clues. Asian Markets and DOW higher 1%+. But NIFTY failed to keep the gains and closed in red.
2) BANK NIFTY was better than NIFTY , but weak.
3) Advance Decline ratio positive 31:19
4) VIX fell by 2.8%
5) 9000 is the key level from Option Chain.
Overall my conclusion is
1) I had said , "Tuesdays price action should be taken as indicative of trend forward". I believe in that and till expiry, there could be down trend continuation.
2) I am not sure if 9000 will hold. 8970 - 8940 is key support region, if this fails, the bias is on short side.
Again 9150 - 8950 is the range we are looking at. I am not going to sell options around this range, as this is expiry week and there can be surprises. But trade will come when breakout of the range happens.
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