March 8, 2019

Market outlook

Daily charts:
- trend is up on daily charts
- today nifty closed 0.2% in negative at 11035
- this is the first weekly close above 11000 after 23 weeks
- AD was flat

- bearish tri star pattern formed on daily charts
- confirmation will be gap down opening below 11000 on Monday

- but option writers are bullish 11000 will not break
- so interesting week ahead

5 min charts:
- traded short in first 15-20 min; stopped out
- bought puts again after 2 pm; positional (mistake?)

- mistake made today... did not realise that nifty spot was few points away from 11000
- 11000 is big round number + option writers support
- with this logic, one should been long near day's low or short from day's high

15 min charts:
- trend is still  up
- short below 11030 F only

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