Trade Log NIFTY July 23

23 ก.ค. 2020

In my yesterdays post (link below), I had said

I do not have strong bias on either side. Also it is an expiry day.
I’ll watch the first few minutes of action. If there is bearish continuation, then intraday short may be a good idea.
Some consolidation structure, possible retest towards 11200 is possible in next 1-2 sessions.

Though it looked like a bullish day, because of the context of yesterday, I still consider it as a consolidation day. Retest of 11200 is also done.
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My Trades today

I could not trade intraday today because of internet issues at my place.

My notes for the day

NIFTY closed at 10215, 0.74% higher
BANK NIFTY closed 0.88% higher
VIX dropped around 1%
Advance Decline ratio is 37 to 12. For broader market it is 1024 to 822
Option open interest shows 11000-11500 expiry range.

My view for tomorrow

Considering the recent upmove of 5 days, I think tomorrow NIFTY is likely to consolidate further in the range 11200-10950.
I won't go long immediately if 11200 is broken in the early morning or open.
Also for any intraday short position, NIFTY has to break 11170.

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July 22 Trade Log