NIFTY Late in the trend Time for consolidation
I exited my trade early for a small profit . 577 Rs that is 1.65% ROI on 35000 Rs in a day. Why I exited the trade?
1. Yesterday , my entry was pretty late in the trade from on daily timeframe.
2. NIFTY is forming higher high and higher low for last 7 days.
3. NIFTY did not move second leg after Gap up.
4. Profit taking before weekend is comfortable.
What is the plan for Monday/Tuesday?
I'll wait to see how NIFTY opens and goes on for a new high. The line of resistance I am observing right now is around 15575 zone. If I get it around that zone, I plan to sell a bear call spread expiry June 10. Because I expect some consolidation (as short as 3 days). Here SL will be waiting to see consolidation and then get out when 3 days of consolidation plays out. I am selling, which is against the trade so I'll be super conservative. Here idea is to combine small price + time move.
1. Yesterday , my entry was pretty late in the trade from on daily timeframe.
2. NIFTY is forming higher high and higher low for last 7 days.
3. NIFTY did not move second leg after Gap up.
4. Profit taking before weekend is comfortable.
What is the plan for Monday/Tuesday?
I'll wait to see how NIFTY opens and goes on for a new high. The line of resistance I am observing right now is around 15575 zone. If I get it around that zone, I plan to sell a bear call spread expiry June 10. Because I expect some consolidation (as short as 3 days). Here SL will be waiting to see consolidation and then get out when 3 days of consolidation plays out. I am selling, which is against the trade so I'll be super conservative. Here idea is to combine small price + time move.
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