Market Context - Sideways to bullish. Tomorrow is weekly expiry and I am expecting a one side trend on either side given that market is slowly going up yet consolidating with moves in both directions this week.
Nifty50 –
Today Nifty has reached
and crossed its important level of 17800. I mentioned yesterday that a flat
opening can give us a trade for long up to this level.
Nifty is trading in a
bullish channel so we can take help of it to take trades at the end zones of
this channel.
A flat opening at 17800
can give us opportunity to go longs. We can book our profit in every 40-50
points movement of Nifty. Targets for tomorrow 17850, 17900.
If Nifty opening gap down
and started trading below 17750 for thirty minutes, we can plan for a short
trade and expecting at least 100+ points fall from there.
Chart for reference-
BankNifty-
Any big gap up, don’t chase it. Let it settle down
for first thirty minutes and then we can plan accordingly.
Flat to positive opening can give us a long trade
with targets of 41750, 41900.
We can plan for short trade below 41400-41420.
Between PDH and 41450 we wont get much trades in our favour and it will tend to hit the stop loss.
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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