Trade Log NIFTY May 29
First, I'll start with the review of my yesterdays post. Yesterday, I had posted my view and some important levels that I use on the chart.
I had said
1) Trend is up on daily time frame. Weekly trend is up, provided we dont have huge down on Friday. I think NIFTY will gain / consolidate tomorrow.
2) Tomorrow strategy will be to see the consolidation rage. But I wont carry any near the money positions into next week.
And I had marked levels on the chart, which I used in my trading decisions today.Both points were quite obvious. Good thing, market played out to the levels wells. This is no guarantee, sometimes market coincides with your point of view by chance.
My trades today
1) I sold 9500 CALLs around first resistance and closed it at weak support level of the day.
2) Then when high of the day was tested multiple times, it was broken and I sold 9500 PUT which I squared off.
3) Since INDIA VIX is around 30, I attempted to take few overnight positions. I sold some 9900 CALL options. Lets see how it goes. Its risky.
My observations of the day
1) NIFTY closed positive for the third day in a row. 0.95% for today and around 6.4% in 3 days.
2) NIFTY is now in kind of uncharted territory. Less price action in 9500 - 9900 has very less price history in last 2 months.
3) BANK NIFTY unperformed and did not make new high like nifty.
4) INDIA VIX increased little.
5) Advance Decline ratio 36 to 14.
I dont have conclusions, as I have I would like to wait till Monday to have clear view. I'll also post detailed weekly review coming weekend. But from days action
1) BANK NIFTY is not leading the rise. So it may cause NIFTY;s momentum some consolidation and ranges.
2) Overall trend is up and typical bear market rallies are fast.
3) So far this rally has not give any gaps, so next week some surprise gaps can start occurring.
I had said
1) Trend is up on daily time frame. Weekly trend is up, provided we dont have huge down on Friday. I think NIFTY will gain / consolidate tomorrow.
2) Tomorrow strategy will be to see the consolidation rage. But I wont carry any near the money positions into next week.
And I had marked levels on the chart, which I used in my trading decisions today.Both points were quite obvious. Good thing, market played out to the levels wells. This is no guarantee, sometimes market coincides with your point of view by chance.
My trades today
1) I sold 9500 CALLs around first resistance and closed it at weak support level of the day.
2) Then when high of the day was tested multiple times, it was broken and I sold 9500 PUT which I squared off.
3) Since INDIA VIX is around 30, I attempted to take few overnight positions. I sold some 9900 CALL options. Lets see how it goes. Its risky.
My observations of the day
1) NIFTY closed positive for the third day in a row. 0.95% for today and around 6.4% in 3 days.
2) NIFTY is now in kind of uncharted territory. Less price action in 9500 - 9900 has very less price history in last 2 months.
3) BANK NIFTY unperformed and did not make new high like nifty.
4) INDIA VIX increased little.
5) Advance Decline ratio 36 to 14.
I dont have conclusions, as I have I would like to wait till Monday to have clear view. I'll also post detailed weekly review coming weekend. But from days action
1) BANK NIFTY is not leading the rise. So it may cause NIFTY;s momentum some consolidation and ranges.
2) Overall trend is up and typical bear market rallies are fast.
3) So far this rally has not give any gaps, so next week some surprise gaps can start occurring.
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