Trade Log NIFTY August 12I expressed my thoughts in August 11 post
If global cues are supportive , then NIFTY may attempt another go towards 11380-11390 zone. I think this level should pose some resistance. With VIX slowing down, intraday range is compressing. I do not have a clear view for tomorrow.
One very interesting observation is, both days and the week so far has formed dragonfly candles -> open = close (within some points). These candles back to back may be seen as a sign of coming climax+exhaustion. So in the next one or two days, NIFTY may show a large red body candle.
NIFTY opened a gap down but did not follow through.
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My Trades
I sold 11300 PUT when the signal occurred for intraday buy. This was covered later.
My observations for the day
NIFTY closed flat -0.12%
BANK NIFTY closed 0.17% up
VIX dropped further 2.41%, so far VIX has dropped 6%+
Advance Decline ratio is 23 to 27
Option data confirming the narrow range of 11200 - 11400.
My view
Unchanged view. I still feel the climax move is pending on NIFTY. Possible reversal trade is 11380-11400. But for shorting it is best to wait for price action to confirm the same.
August 11 Trade Log
Weekly View
*Possibility 1 as per my assumption.
