Market Context - Context is still positive. RBI’s action to pause the rate hike this time gave a relief and it will definitely give more boost to the market. Broader market is showing some strength and it will reflect in our indices as well.
Nifty50 –
After a good bullish and
trending week, Nifty may consolidate in this upcoming week. I am expecting
Nifty to play in range of 17400-17800(+50, -50 points) weekly.
For Monday, if market
opens gap up, wait for market to settle for first 30 minutes and then plan
trade accordingly. Upside I am not expecting much this week but still 17750-17800
is a first target.
If market opens gap down
near 17550-17560, which will act as a flip zone, we can wait for some bearish
patterns and then plan for a short trade. Targets will be 17500, 17450.
Chart for reference-
BankNifty-
Range for BankNifty this week 40200- 41200.
If we open gap down, let market settle and we can
plan for a short trade. Targets will be 40800,40700.
Flat to gap up opening may create a trap on upside
so not recommending a gap up to chase. Wait for reversal and we can get good R:
R trade from there.
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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