Market Context - Sideways to bullish. Market is slowly going upside with all stocks doing pretty well. Hopefully bullish rally will continue. Also VIX is below 11, that shows no panic in market.
Nifty50 –
Today Nifty was flat to
bullish and gave full swings in both directions of 100 points. Expecting same
to continue tomorrow as well.
Any big gap up, don’t chase
it. Let Nifty settle down so that trade is in our favour.
If we open around 17800,
Nifty can face resistance as historically this level is very important which
play as a good flip zone. We can plan for short trade at this level.
Flat to gap down opening
will again give opportunity for going longs with targets near 17800.
Chart for reference-
BankNifty-
BankNifty was very bullish today and closed above
41200 comfortably.
Flat opening can easily give us a long trade for
targets up to 41600.
We will only plan for short trade below PDL. Don’t take
a random contra trade as market’s trend is bullish and expecting same to
continue.
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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