Trade Log NIFTY July 1

1 ก.ค. 2020

Review of June 30 Trade Log

1. As i have said in my weekly view, I am more on bearish side and I think this consolidation will result in break of 10240.
2. I'll short on break of 10240. My bearish bias is wrong if NIFTY closes above 10420.

I was wrong to assume the breakout is on downside. NIFTY broke out of the range on upside.
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My trades today

I was expecting a trending day today. I sold 10400 PUT on opening range break. I covered it end of day for profit.

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My observations today

1. NIFTY gained 1.24%. Technically it is a breakout after 4 days of consolidation.
2. BANKNIFTY gained 2.84%.
3. VIX dropped 3.43%
4. Advance Decline ratio is 26 to 23. This is neutral.
5. Option data showing 10300 - 10500 range.
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My view for tomorrow

1. NIFTY broke out above 10400, but faced resistance at 10440. 10440 is strong resistance. So tomorrow strong candle above 10440 is required to confirm this breakout. Breadth is not supportive for the breakout.
2. Tomorrow, I'll wait to see if breakout gets confirmed. Tomorrow is weekly expiry. Considering consolidation, there could be some strong moves in either direction. I'll refrain from option selling (Near the money) tomorrow.
3. 10390 and 10360 is the zone, break of which will remove the strength of the breakout.
4. For intra-day, any 30 min break above 10440 is a signal for long and confirmation of up move today.