Market Context - Monthly both Nifty and Bank Nifty has formed a Doji candle which is indicating that we may see a more upside moves in upcoming days/weeks.
Overall context looks positive for our market.
Nifty50 –
After consecutive three
weekly red candles finally the last week went positive. Expecting this move to
continue at least till 17500 and more. We can plan for a long trade if market
opens flat to positive near PDH/PWH.
Any small gap down around
17300, wait for price action to form and we can again plan for a long trade. For
any downside move, PDL is the support level below which we can plan for a short
trade.
Moreover, data and chart
is showing a bullish sentiment so will avoid any short trade.
Chart for reference-
Bank Nifty-
Bank Nifty has crossed 40000 level and sustained
there comfortably. I am hoping this upside move to continue at least till
41200.
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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