The range bound day. As I expected, NIFTY is chopping around key levels like 9300.
9:45 Initial Selling from 9385. Clearly establishing as resistance.
11:00 Follow up moves after selling is missing.
11:30 Selling around 9300. Crossed Low of the Day.
01:30 Consolidation in the range. Wait for breakout
03:00 Last Hour Selling.
From Price Action , I think
1. The selling force was higher. But for every selling move, there was no follow up.
2. For now, 9385 - 9350 region is a resistance zone.
3. In last 10 days, there is common pattern - Gap up but face resistance. I think NIFTY may not gap up but rather build strength from downside.
Hence I am carrying the sold CALL overnight.
9:45 Initial Selling from 9385. Clearly establishing as resistance.
11:00 Follow up moves after selling is missing.
11:30 Selling around 9300. Crossed Low of the Day.
01:30 Consolidation in the range. Wait for breakout
03:00 Last Hour Selling.
From Price Action , I think
1. The selling force was higher. But for every selling move, there was no follow up.
2. For now, 9385 - 9350 region is a resistance zone.
3. In last 10 days, there is common pattern - Gap up but face resistance. I think NIFTY may not gap up but rather build strength from downside.
Hence I am carrying the sold CALL overnight.