Trade Log NIFTY July 8
Review of yesterday’s view
1. With BANKNIFTY leading, the stage is set for a perfect rally tomorrow. It’s dead simple on charts now that NIFTY will go to 10900-11000 levels.
2. If there is a massive gap up, I won't trade.
3. For brave traders, the reversal opportunity is near 10989.
It was a wrong expectation. NIFTY’s price action is bearish on daily charts now.
My trades today
I did multiple trades today. And survived the last one hour of selling. I plan to do a tutorial post on the same. It turned out to be not so good day for the tutorial trading, as the last 1 hr selling was very strong and not anticipated.
My observations for the day.
1. NIFTY closed -0.87% down. It formed two back to back bearish candles.
2. BANK NIFTY also closed in the red -0.19%.
3. VIX rose 4% indicating uncertainty in the market.
4. Advance Decline ratio is 14 to 35.
5. Sentiment has turned bearish confirmed by open interest data.
Today’s price action was pivotal in many ways. Though some confirmation would be great in the next 2-3 sessions by big red candle.
NIFTY formed dragonfly doji on Tuesday and created bearish engulfing of that doji today.
NIFTY closed below the bearish wedge pattern breakout today. This breakout has failed now.
BANKNIFTY also formed a bearish candle for the day.
All three previous tops had similar price action swing, climax and then fall.
My view for tomorrow
Tomorrow is a weekly expiry day. I am not sure if NIFTY pauses here for tomorrow or continues and fills the gap.
Overall, I’ll trade now with bearish bias for the coming week. 10800 is a clear level which needs to be broken decisively for any thought of an up move.
1. With BANKNIFTY leading, the stage is set for a perfect rally tomorrow. It’s dead simple on charts now that NIFTY will go to 10900-11000 levels.
2. If there is a massive gap up, I won't trade.
3. For brave traders, the reversal opportunity is near 10989.
It was a wrong expectation. NIFTY’s price action is bearish on daily charts now.
My trades today
I did multiple trades today. And survived the last one hour of selling. I plan to do a tutorial post on the same. It turned out to be not so good day for the tutorial trading, as the last 1 hr selling was very strong and not anticipated.
My observations for the day.
1. NIFTY closed -0.87% down. It formed two back to back bearish candles.
2. BANK NIFTY also closed in the red -0.19%.
3. VIX rose 4% indicating uncertainty in the market.
4. Advance Decline ratio is 14 to 35.
5. Sentiment has turned bearish confirmed by open interest data.
Today’s price action was pivotal in many ways. Though some confirmation would be great in the next 2-3 sessions by big red candle.
NIFTY formed dragonfly doji on Tuesday and created bearish engulfing of that doji today.
NIFTY closed below the bearish wedge pattern breakout today. This breakout has failed now.
BANKNIFTY also formed a bearish candle for the day.
All three previous tops had similar price action swing, climax and then fall.
My view for tomorrow
Tomorrow is a weekly expiry day. I am not sure if NIFTY pauses here for tomorrow or continues and fills the gap.
Overall, I’ll trade now with bearish bias for the coming week. 10800 is a clear level which needs to be broken decisively for any thought of an up move.
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