Observe_Think_Act_Think

Observe_Think_Act_Think

I did not trade today. I was mostly watching my 9500 CALL position, which is still open. I had said 1. NIFTY has touched the 9050 region and reversed. It may now try to retrace and go towards 9440, upper bound. This may be successful or not. 2. From overall price action today, buying the dip in NIFTY or BANK NIFTY would be good strategy for coming days. Given to...

Observe_Think_Act_Think

About trades today. I sold 9300 CALL as there was a gap down opening below 9190. I squared off the position when NIFTY could not go below 9040. I sold 9000 PUT as there was a possibility of bounce. I squared off this position in profit. I hold 9500 CALL sold from Friday. That position is open. NIFTY Opened gap down below 9190 and continued till 9050. Then it...

Observe_Think_Act_Think

About trades today. I sold 9300 PUT as there was a gap up opening above 9350. This position is trapped. I squared off the position for loss. I also squared off my positions from Friday. I hold 9500 CALL. That position is open. NIFTY Opened gap up above 9350 and sustained there for some time, like 30 minutes. But then it was straight down day. So 9340-9440 is a...

Observe_Think_Act_Think

Lets start with my monthly view posted on March 27 I had said 1. The bounce is mere a pullback and not a fresh upward trend. 2. 9400-9500 and 9970-10000 are strong resistance zones and close above these levels will challenge the bearish view. So far, 1. NIFTY faced strong resistance in 9400 zone and then broke out and fall back below that zone. This so far...

Observe_Think_Act_Think

About trades today. I sold 9200 PUT as there was a gap up opening. This position is trapped. I bought 9000 PUT to reduce overnight risk. I also sold 9600 CALL as NIFTY crossed 9330 below. Booked Profit in that position. I sold 9500 CALL when NIFTY crossed below 9300. That position is open. In my May 6 Log I had said 1. I think NIFTY may open gap down or...

Observe_Think_Act_Think

In my yesterday's market review, I had said 1. Tomorrow is expiry day. I wont take tomorrows action, especially sharp move if any as indication of further trend. 2. Mostly indecisive day today, so we have to see in which direction the NIFTY moves further. I do not have any bias going in tomorrow. 3. But if I have to build some view, then I think it'll be...

Observe_Think_Act_Think

Yesterday, I had said 1. Today NIFTY did opened with positive global clues but could not sustain. I expect some gap down opening if there are even mildly negative news. 2. I do not have clear idea, but my hunch is tomorrow again will be a down day with mostly some support discovery around 9050-9150 region. Overall, I think point 2 was observed. The support...

Observe_Think_Act_Think

In my yesterdays review, I made the following points 1. This fall now wont be as unidirectional and steep as the March fall. 2. There will be choppiness with negative bias. 3. 8300 is not short term bottom. 4. The first bounce if any tomorrow will likely to fail. Point 3 and 4 were confirmed by today's price action. I have the following observations about...

Observe_Think_Act_Think Updated 

Lets start with my monthly view : I have posted this on March 27, 2020 I had mentioned the following things 1. The bounce of April is likely to fail. 2. Bearish view is challenged above level 9400-9500. When I review the situation again, I have the following view for May 2020 1. The bounce is likely to fail. 2. Bearish view is challenged but the rise above...

Observe_Think_Act_Think

NIFTY opened large gap down and trended down with no major pullback. 1. VIX shot up 28% 2. Bank NIFTY under performed. 3. Broke below last important support area of 9400. 4. Also broke the support line of rising wedge. 6. Breadth was highly negative 424 Advances : 1399 Declines. All this indicates the following 1. Trend is changed to negative, 2. This is...

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Expiry day today. Gap up is huge and there is very little chance for me to participate any trade. Still scalped small profit. Few Observations for today: 1. Bank NIFTY initially surged but closed around Low of the day. 2. Advance and Decline ratio is not great. 3. This market surged in straight line from 9270 to 9860. This is 600 points rise in 2.5 days. 4. VIX...

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NSE:NIFTY broke out of the range today. 1. I squared off trapped call positions for loss. 2. On breakout, sold 9500 PUTS which were squared off profit. Some ideas from the price action today. ------------------------------------------------------------ Today may be much awaited start of the breakout. The strength of the breakout is pretty strong. But one...

Observe_Think_Act_Think

NSE:NIFTY Review of the week April 20-24 1. NIFTY confirmed low of 8820 on April 16. Then It created another low 8909 on April 21. Since the difference of the lows is less. I am going to consider this a support area 8810-8910. 2. NIFTY Also touched 9390 on April 20, but could not sustain there. As per my monthly view, which spans for April to June or even...

Observe_Think_Act_Think Updated 

This post is just mostly observation and poor man's attempt to see the obvious pattern to many observers. For many hours, we have been consolidating in the upward trending channels. 1) All three down swings are 4.71% , 4.72% and 5.06%. They are taking longer and longer time. 2) The two up swings so far 6.44% and 6.37% . And the later one has taken shorter time...

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NSE:NIFTY Opened gap down because of negative news. 1. It filled the gap. 2. Then it fell down to create low of the day. 3. NIFTY did not have great breadth. Bank NIFTY was down 3% This type of action likely to continue. Hence I am holding short positions on NIFTY going to the next week.

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Expiry Day today. NSE:NIFTY trended nicely for the day. But I could not make most of it. 1. I had a trade from yesterday, which I had to manage to minimise the loss. 2. I was not very sure about NIFTY having very strong move post 9265.

Observe_Think_Act_Think

Today NIFTY's move retraced 200 points after initial flat opening. After move down tomorrow, I was expecting range bound action. NIFTY kept on moving up. 1. Overall Advance Decline ratio is near 1 to 1. 2. NIFTY gains largely due to Reliance and Zee Entertainment. Tomorrow is expiry day. It is interesting to see how NIFTY reacts to level of 9250.

Observe_Think_Act_Think

NIFTY Opened gap down below 9040. Then slipped below 9000. 1. Today's fall was on bad global news. 2. I do not think that this is just one day fall. This is likely to continue tomorrow. 3. If it closes below 8821, then the possibility of lower low in place. I am not holding any positions tonight. I was holding sold Calls at 9400 and 9300. I covered those...