Nifty 50 IndexLong
Trade Log NIFTY June 18
In my June 17 post [Link below], I had said
1. This is more looking like consolidation of upswing which happened from 8800. Since context swing is up, we have to assume the breakout is more likely on upside.
2. Again 10000 is the level, break of which can start this up move. This can happen tomorrow or Friday.
3. I plan to trade with positive bias and avoid creating short positions as long as NIFTY is trading above 9810-9830 levels.
This time, my hunch played out picture perfect. The break of 10000, happened today and NIFTY closed above 10080.
My trades
1. Clean trending trade today. I bought 9900 CALL next expiry on break of 9940. This I squared off for profit by end of day today.
My observations for the day
1. NIFTY closed 2.13% higher. NIFTY broke out of master candle high today. It also engulfed two previous candle bodies.
2. BANKNIFTY closed 3.74% up. Very similar bullish candle.
3. VIX down 5.70%
4. Advance Decline ratio is good. Marketwide, it is 1396 to 448. NIFTY 40 to 10. This is a good sign.
5. Option data clearly shows the positive bias of market players. 9500 is being strong support.
6. FII and DII data mildly positive.
My view for tomorrow.
1. Considering today's bullish day, there are two most probable possibilities. One, consolidation around 10100-10150. The other being the one more positive day tomorrow.
2. Tomorrow is Friday, so we can have strong move. Since current trend is positive, the move can be assumed on the upside.
I wont change my view till NIFTY sustains above 9850, which is the base of the up move. Only thing to be watch out is since today was a weekly expiry, a confirmation is required by closing above today's high. Closing above 10170, will be a good bullish confirmation of the trend.
My June 17 post
1. This is more looking like consolidation of upswing which happened from 8800. Since context swing is up, we have to assume the breakout is more likely on upside.
2. Again 10000 is the level, break of which can start this up move. This can happen tomorrow or Friday.
3. I plan to trade with positive bias and avoid creating short positions as long as NIFTY is trading above 9810-9830 levels.
This time, my hunch played out picture perfect. The break of 10000, happened today and NIFTY closed above 10080.
My trades
1. Clean trending trade today. I bought 9900 CALL next expiry on break of 9940. This I squared off for profit by end of day today.
My observations for the day
1. NIFTY closed 2.13% higher. NIFTY broke out of master candle high today. It also engulfed two previous candle bodies.
2. BANKNIFTY closed 3.74% up. Very similar bullish candle.
3. VIX down 5.70%
4. Advance Decline ratio is good. Marketwide, it is 1396 to 448. NIFTY 40 to 10. This is a good sign.
5. Option data clearly shows the positive bias of market players. 9500 is being strong support.
6. FII and DII data mildly positive.
My view for tomorrow.
1. Considering today's bullish day, there are two most probable possibilities. One, consolidation around 10100-10150. The other being the one more positive day tomorrow.
2. Tomorrow is Friday, so we can have strong move. Since current trend is positive, the move can be assumed on the upside.
I wont change my view till NIFTY sustains above 9850, which is the base of the up move. Only thing to be watch out is since today was a weekly expiry, a confirmation is required by closing above today's high. Closing above 10170, will be a good bullish confirmation of the trend.
My June 17 post
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