NIFTY opened with a gap-down of roughly 40 points. Selling continued for the first 10 minutes and price moved toward 25,570, which was yesterday’s key decision level. From there, the index found support and rallied nearly 156 points, setting the tone for the first major move of the day.
After the initial rally, price retraced toward the 0.5 Fibonacci level, held structure, and formed a rising channel. That channel later broke to the upside, adding another ~50-point move.
Around 12:55 PM, a breakdown attempt occurred, but it was immediately reversed by a large bullish candle. This false move was followed by brief consolidation, after which the market declined sharply around 1:35 PM, falling nearly 100 points. The index later recovered toward the 25,720 zone and consolidated into the close.
Trading Perspective
The most rewarding trade of the day was clearly the early support bounce from 25,570.
Other notable setups:
- RSI bearish divergence near highs
- Channel breakout attempt
- The sharp decline around 1:35 PM
I participated in the 1:35 PM move.
This time, I respected my stop-loss. However, I shifted to a trailing SL that was too tight and optimistic, which got triggered prematurely. I did not incur a loss, but the execution could have been better by allowing more structural room.
Position Management
From my previous position:
- I exited one lot at 130 (entry 135), limiting exposure.
- I continue to hold the remaining lot, which is currently under pressure.
My broader bias remains bearish, and I will reassess based on how structure develops in the coming session.