Market Context - Sideways. It will play in range. Long at support regions and short at resistance regions. Simple.
Nifty50 –
In last blog I mentioned
that Nifty may consolidate now. Same happened today. Expecting the same tomorrow
as well. No big one sided moves but it will be in range. Hence long/short at
S/R zones only to get favourable R: R.
If Nifty opens around
17600, we will plan for long trade with targets 17650 and 17700. 17650 can act
as a flip zone hence suggesting to book partial profit here if Nifty shows
reversal sign.
If Nifty opens gap up
around 17700, after some bearish reversal signs, we can plan for a short trade.
Chart for reference-
BankNifty-
Flat opening near 40850-40900 will act as a good
flip zone. Trade according to the pattern formed(bearish/bullish). Upside
targets are up to 41070. Downside targets will be near PWL.
Any gap up, I think it will get sold off, hence
expecting sell on rise in BankNifty.
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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