In my August 4 trade view, I said
Considering the momentum NIFTY had on 4 days of downtrend, I treat this bounce as the first bounce, which is likely to fail. But considering the chart of Reliance and BANK NIFTY , I feel there is some more upside up to 100-150 points.
For tomorrow, I expect sideways market mostly with touch of 11050 - 11000 area, which should find some buying before NIFTY moves into the second leg of rally towards 11150+
Actually , perfect anticipation for the day. NIFTY showed a surge at the start and did not last.
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My trades today
No trades. Opening was not in line with expectations and power outage at my office today.
My observations for the day
NIFTY closed near flat 0.06% up
BANK NIFTY closed closed 0.09% up
INDIA VIX down 1.04%
Advance Decline is on positive side 1191 to 678. 35 to 15 in NIFTY.
Hindalco and Tata Steel gained 9% and 6% respectively.
11200 is building strong resistance from the option player’s view.
My view for tomorrow
NIFTY has strong resistance at 11228. Any bounce tomorrow upto 11228, excellent shorting opportunity with clear stop.
News driven action likely tomorrow.
I expect consolidation to bearish movement tomorrow.
Considering the momentum NIFTY had on 4 days of downtrend, I treat this bounce as the first bounce, which is likely to fail. But considering the chart of Reliance and BANK NIFTY , I feel there is some more upside up to 100-150 points.
For tomorrow, I expect sideways market mostly with touch of 11050 - 11000 area, which should find some buying before NIFTY moves into the second leg of rally towards 11150+
Actually , perfect anticipation for the day. NIFTY showed a surge at the start and did not last.
=======================================================================================================================================================================
My trades today
No trades. Opening was not in line with expectations and power outage at my office today.
My observations for the day
NIFTY closed near flat 0.06% up
BANK NIFTY closed closed 0.09% up
INDIA VIX down 1.04%
Advance Decline is on positive side 1191 to 678. 35 to 15 in NIFTY.
Hindalco and Tata Steel gained 9% and 6% respectively.
11200 is building strong resistance from the option player’s view.
My view for tomorrow
NIFTY has strong resistance at 11228. Any bounce tomorrow upto 11228, excellent shorting opportunity with clear stop.
News driven action likely tomorrow.
I expect consolidation to bearish movement tomorrow.