Trade Log NIFTY June 3

4 มิ.ย. 2020

In my trade log for June 2,

I had said

1. Tomorrow will be the 6th day of higher highs. NIFTY closed near high of the day and just below strong psychological level 10000.
2. If there are positive global clues, NIFTY can create massive gap and short covering. There is not much overhead resistance till 10383 - 10400.
3. The other thing that I sense is mostly it can do similar thing some consolidation below 10000 and eventually breaking it.
4. Considering BANKNIFTY chart, I am more towards quick break and then continuation of rally on Thursday.


No points in invalidated and I still hold my view. NIFTY is racing towards 10380-10400 Levels. But today, It did not go that far.

My trades today

1. I sold 10100 CALL and squared it for loss. This was going to be difficult trade, but considering overbought context i took it.
2. But the 10200 CALL worked and actually helped to close my day flat.

My observations for today

1. NIFTY closed 0.83% higher and formed small indecision candle with gap up.
2. BANKNIFTY closed 2% higher, but candle was showing the tiredness of this rally.
3. VIX fell -0.24%. So mostly VIX is also needs some breather from action.
4. NSE Advance Decline ratio is 34 to 16.

My view for tomorrow
1. Tomorrow is weekly expiry. Overall there are some tiredness signs visible for the rally, but I still wont short it tomorrow.
2. Tomorrow will be 7th day. I think there is one more push remaining for NIFTY in current swing before consolidation.
3. I'll mostly wait on sideline, and not take much bets in first half of the day.