Market Context - Bearish to sideways. Sell on Rise will work beautifully. As per SGX Nifty we will be opening gap down. Let market settle in first half hour. Any rise can give an opportunity to short and ride it whole day. Pullback may come but data is showing otherwise.
Nifty50 –
It was a good trending
day. Now Nifty has closed below the 17000 which is a physiological level. More
downtrend is possible up to 16800 at least for tomorrow.
If we get Nifty around
previous day close, let it make some price action for short and we can trade
accordingly. 17100 is zone to short the market again and get a better risk
reward.
Any buying/long we can
only see above PDH and levels around 17180-17200.
Chart for reference-
BankNifty -
Same goes for BankNifty. If we open around PDC or
PDL, wait for price action to form for any fresh shorts.
As market is continuously falling, we may see a
profit booking/pullback anytime.
Chart for Reference-
Abbreviations
used in Chart-
PDH – Previous day High
PDL – Previous day Low
PWH – Previous Week High
PWL – Previous Week Low
NOTE: THIS BLOG IS ONLY FOR EDUCATIONAL
PURPOSE. TRADE WISELY.
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