Market Context - Sideways to positive. Global markets opened positive and trying to
sustain there. Also SGX nifty is trading positive at the time of writing this
article.
Definitely it will give our market also a positive
opening if things remain positive till morning.
Nifty50 –
Nifty has given a decent
rise from a good support region of 16800-16850 today. It can continue tomorrow
as well.
If Nifty opens flat to
bit positive, we can see a good rise upto 17150. Follow the trend line drawn on
the chart for upside levels.
By any chance gap down or
if price action shows a bearish sign (big red candle in first 30 minutes,
shooting star etc), again we can go upto PDL.
Chart for reference-
BankNifty-
If opens flat around 39200 level and sustain it for
first half hour, Bank nifty can easily reach 39600. Any big gap up, don’t try
to chase the market as it can again start sell on rise from PDH.
Below the trend line drawn, we can touch PDL and
again start journey downwards.
Chart for Reference-
Abbreviations
used in Chart-
PDH – Previous day High
PDL – Previous day Low
PWH – Previous Week High
PWL – Previous Week Low
PDC – Previous Day Close
NOTE: THIS BLOG IS ONLY FOR EDUCATIONAL
PURPOSE. TRADE WISELY.
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