My last two updates
August 24 : NIFTY is on it’s way to the upper boundary of the gap -11633. I don't know how fast it can travel, But I expect that target to get achieved in this expiry. If It gets to 11633 in the next two sessions, I plan to take a reversal trade with tight stop loss. Till then, just ride the trend using intraday breakouts.
August 25 : For tomorrow, I don't have clear bias. I think there is not going to be a gap up opening tomorrow. NIFTY did 3 consecutive gap ups. Tomorrow, it may be flat to gap down opening. It needs to be seen how the gap gets bought. Intraday, short trade is more probable if there is no large gap down and NIFTY fails to keep opening range. The support is placed at 11400 and 11360.
Overall, NIFTY is now very close to filling the gap 11633. It also did not take any meaningful dip towards 11360.
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My trades
No intraday trades today.
My Observations for the day
NIFTY gained 0.67%. It closed above psychological resistance of 11500.
BANK NIFTY gained 1.39%
VIX dropped 0.06%
Advance Decline ratio is 31 to 18.
Today was the day when Reliance and Bank NIFTY both performed.
My view
View is not changed. NIFTY is on its way to 11633. There is a possible reversal / dip zone around 11633. But with Reliance and BANK NIFTY both performing, this may be a really brave idea. Overall, intraday opportunity only when NIFTY breaks high and moves further.
August 24 Post
August 25 Post
Weekly view post
August 24 : NIFTY is on it’s way to the upper boundary of the gap -11633. I don't know how fast it can travel, But I expect that target to get achieved in this expiry. If It gets to 11633 in the next two sessions, I plan to take a reversal trade with tight stop loss. Till then, just ride the trend using intraday breakouts.
August 25 : For tomorrow, I don't have clear bias. I think there is not going to be a gap up opening tomorrow. NIFTY did 3 consecutive gap ups. Tomorrow, it may be flat to gap down opening. It needs to be seen how the gap gets bought. Intraday, short trade is more probable if there is no large gap down and NIFTY fails to keep opening range. The support is placed at 11400 and 11360.
Overall, NIFTY is now very close to filling the gap 11633. It also did not take any meaningful dip towards 11360.
================================================================================================================================================================================
My trades
No intraday trades today.
My Observations for the day
NIFTY gained 0.67%. It closed above psychological resistance of 11500.
BANK NIFTY gained 1.39%
VIX dropped 0.06%
Advance Decline ratio is 31 to 18.
Today was the day when Reliance and Bank NIFTY both performed.
My view
View is not changed. NIFTY is on its way to 11633. There is a possible reversal / dip zone around 11633. But with Reliance and BANK NIFTY both performing, this may be a really brave idea. Overall, intraday opportunity only when NIFTY breaks high and moves further.
August 24 Post
August 25 Post
Weekly view post
