Trade Log NIFTY May 4
NIFTY opened large gap down and trended down with no major pullback.
1. VIX shot up 28%
2. Bank NIFTY under performed.
3. Broke below last important support area of 9400.
4. Also broke the support line of rising wedge.
6. Breadth was highly negative 424 Advances : 1399 Declines.
All this indicates the following
1. Trend is changed to negative,
2. This is definitely second leg of the fall that started in Feb-March.
But looking at the conditions , news flow etc
1. This fall now wont be as unidirectional and steep as the March fall.
2. There will be choppiness with negative bias.
3. 8300 is not short term bottom.
4. The first bounce if any tomorrow will likely to fail.
I made small intra-day trade today for profit. I have also created Credit Spread for this week between 9300 - 9100. Because I think NIFTY will have some consolidation over 9000.
1. VIX shot up 28%
2. Bank NIFTY under performed.
3. Broke below last important support area of 9400.
4. Also broke the support line of rising wedge.
6. Breadth was highly negative 424 Advances : 1399 Declines.
All this indicates the following
1. Trend is changed to negative,
2. This is definitely second leg of the fall that started in Feb-March.
But looking at the conditions , news flow etc
1. This fall now wont be as unidirectional and steep as the March fall.
2. There will be choppiness with negative bias.
3. 8300 is not short term bottom.
4. The first bounce if any tomorrow will likely to fail.
I made small intra-day trade today for profit. I have also created Credit Spread for this week between 9300 - 9100. Because I think NIFTY will have some consolidation over 9000.
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