Market Context - Positive to sideways.
Nifty50 –
In gap up scenario, wait
for Nifty to settle around PDH and then only plan for a long trade. 17480-17500
is a good resistance for Nifty where we can see at least a good rejection.
In gap down scenario, let
Nifty start trading below the PDL, and we can plan for a short trade with
targets of 17200, 17100(one gap pending to be filled).
Chart for reference-
BankNifty-
BankNifty is showing good strength compared to
Nifty. I am expecting at least 41200 in BankNifty and then a pullback before
continuing further.
Chart is looking simple and will plan for long
trade above PDH and short trade below PDL. In between, the market will be
volatile.
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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