Trade Log NIFTY June 24

In my yesterday's update, I had said

1. I still think, crossing 10540-10580 is not easy. If with strong sentiment, there is gap up and it gets crossed, it'll be difficult to sustain above that without some retracement in the coming days.
2. For brave traders, there is good reversal trade around 10580 with SL 10700. To be done with options for next months expiry.
3. Considering the that NIFTY is in last week expiry, no target is impossible, but it should eventually consolidate/retrace around these levels.~ 100400-10600.

Sometimes, NIFTY is kind and follows exactly the patterns observed. Today NIFTY reversed from resistance levels 10540. So this anticipation was correct.

My Trades

1. So I was brave today and sold next expiry 10600 CALL. I squared it for the profit near end of day.

My observations for the day

1. NIFTY closed in red -1.58% down. NIFTY also formed bearish engulfing candle.
2. BANKNIFTY closed -3.76% down. BANKNIFTY formed even more bearish candle, engulfing two days worth gains.
3. VIX rose 0.81%
4. Advance Decline ratio is 10 to 39.
4. Option activity tilted on bearish side, support is expected around 10000.

My view for next session
1. Today's price action can be a swing high formation. We need to wait till Friday EOD to confirm.
2. Overall now I assume the trend is consolidation with bearish bias. 10500-10600 is significant resistance, even if gets retested, it will be hard to break it quickly.
3. Tomorrow, being expiry, I dont have idea how it'll go. NIFTY may consolidate a little or fall further towards 10200 levels. I am assuming rather broad range of 10180-10430

June 23 Trade Log