1) Being Expiry Day, had to
refer options OI. The broad range is 6800 to 6900. OI of 6850 was more or less evenly matched.
2) Opened just below PDC and
started moving up with very low momentum. As PDH and RN were closely located
one above another, had to wait till the price encountered RN.
3) Weak BOF of RN followed. Penetration was just 1.25 points. Move originated as BO of IRH. RN is not a strong DP. Hence kept an order below swing low. This order was not filled. If entry was made at low of BO candle, would have been stopped out.
4) Failure of BOF of RN looked like BO. Though RN was broken, RN-Spot was not firmly broken. Hence didn’t go Long above RN.
3) Weak BOF of RN followed. Penetration was just 1.25 points. Move originated as BO of IRH. RN is not a strong DP. Hence kept an order below swing low. This order was not filled. If entry was made at low of BO candle, would have been stopped out.
4) Failure of BOF of RN looked like BO. Though RN was broken, RN-Spot was not firmly broken. Hence didn’t go Long above RN.
5) Failing to break RN Spot,
price started falling down in a sloping channel. Waited till 2.00 PM and
choppiness continued. Didn’t want to enter after 2.00 PM - big boys jump in the fray and the swing
traders go for a Roll over rendering the
analysis an impossible task.
So no trades for the day.
