February 4, 2020

Market outlook

Daily charts:
- trend is down on daily charts
- today nifty closed 2.2% in positive at 11980
- AD was 12:5

- VIX dropped 9%
- very high additions seen in 11800 and 11900 PE

- budget day fall erased completely
- now resistance around 12000-12100 zone
- the latter is 61.8% retracementt of current fall

- on lower degree timeframe, trend has already turned up

- this 11000-12000 zone has become a treacherous trading zone
- more than a year has been spent here with false signals occurring
- this is normal when markets are directionless/ rangebound




3 min charts:
- traded long twice
- both exits were near known resistance areas
- did not take the 3rd long trade (in hindsight, this was the safest)

- note I trade in options so profit was lesser due to drop in IV



15 min charts:

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