Trade Log NIFTY June 23

In my post yesterday (link below), I had said,

1. NIFTY may face consolidation, but brief consolidation in the current zone - 10380-10280.
2. Even it goes little below but stays above 10060, the view remains intact.
3. 10380 does not look like a top. In next attempt, this will be taken out and NIFTY may move towards 10500.
4. Overall, as I discussed in my weekly review. I am not interested much in trading 10300-10600 zone.
5. There is no point in creating short position trade right now.

The consolidation did not play out for long and deep enough, but point 3 worked perfectly.

My trades today
1. When NIFTY broke above opening range, I sold 10400 PUT which I covered near end of day.

My observations for the day.

1. NIFTY closed near high of the day and finished 1.55% higher.
2. BANKNIFTY closed 2.56% higher.
3. INDIA VIX fell 3.68%
4. Advance Decline ratio 46 to 4. Thats very good.
5. Option covering is not seen so far at 10500 CALL.

From the action today, my view is

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.

My weekly view