Trade Log NIFTY May 28
First, I'll start with reviewing my yesterdays post
I had said
1. I''ll trade light tomorrow and see how we consolidate, what kind of range we form.
2. I'll wait till Friday, or may be Monday, to really changing strategy clearly on long side. But obviously now Bias is on long side as long as we are above 9000.
As per plan, I traded light and also stopped trading around 1.30PM
My trades today:
1) This trade was pretty simple. I sold 9400 PUT on open and waited for first sign of weakness.
2) Then when there was failure to continue, I sold 9400 CALL and then squared near bottom of the range.
My Observations today:
1) Expiry day today. NIFTY gained 1.88%
2) BANKNIFTY gained 2.45%
3) INDIA VIX fell 4%
4) Advance Decline is 42 to 8. Broader market 1245 to 531. So it was broad based buying.
5) For next week, Option data shows bullish bets, Highest OI at 9000 and 9500.
My reading of the price action.
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.
I have also marked important levels tomorrow.
I had said
1. I''ll trade light tomorrow and see how we consolidate, what kind of range we form.
2. I'll wait till Friday, or may be Monday, to really changing strategy clearly on long side. But obviously now Bias is on long side as long as we are above 9000.
As per plan, I traded light and also stopped trading around 1.30PM
My trades today:
1) This trade was pretty simple. I sold 9400 PUT on open and waited for first sign of weakness.
2) Then when there was failure to continue, I sold 9400 CALL and then squared near bottom of the range.
My Observations today:
1) Expiry day today. NIFTY gained 1.88%
2) BANKNIFTY gained 2.45%
3) INDIA VIX fell 4%
4) Advance Decline is 42 to 8. Broader market 1245 to 531. So it was broad based buying.
5) For next week, Option data shows bullish bets, Highest OI at 9000 and 9500.
My reading of the price action.
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.
I have also marked important levels tomorrow.
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