Trade Log NIFTY June 17

17 Haz 2020

In my yesterdays post, I had said

1) Considering the volatile moves for last 3 sessions, I think we may have relatively calm market for next two sessions.
2) I maintain my bias , consolidation with little bullishness.
3) The current situation is NIFTY has formed support around 9600-9700 region. And it has multiple resistances from 10000-10300. The move from 10000-10300 will be choppy.

Review : NIFTY had relatively lower swings than previous two sessions. Neutral candle, consolidation.

My Trades

I did not take any trades, mainly because I was not clear about the levels I want to trade and near 9700 - 1000 is a narrow zone, where volatile moves, up down happening which may be difficult to catch.

My observations for the day

1. NIFTY formed indecision candle inside the large move of Friday. NIFTY lost 0.33%.
2. BANKNIFTY lost 0.47%.
3. VIX rose 1.18%
4. Advance Decline ratio for NIFTY is 22 to 28.
5. Tomorrow is expiry day. 9500 to 10000 is the range what NIFTY option traders are expecting. 10000, 10200 are resistance.

My View for tomorrow, June 17, 2020.

1. This is more looking like consolidation of upswing which happened from 8800. Since context swing is up, we have to assume the breakout is more likely on upside.
2. Again 10000 is the level, break of which can start this up move. This can happen tomorrow or Friday.
3. I plan to trade with positive bias and avoid creating short positions as long as NIFTY is trading above 9810-9830 levels.

I'll change my bias when NIFTY closes below 9810. Completely bearish below 9600.

Reference:
My yesteradys post