Market Context - Expecting a sideways market. Also tomorrow is expiry day so market can be in a range.
Nifty50 –
Yesterday’s view was
correct and Nifty has crossed 17500 and sustained there easily. Already Nifty
has given 500 points in three trading sessions. Expecting it to spend some time
near 17550 now.
If Nifty opens gap up
wait for at least 30 minutes sign as I am expecting a pullback now. If market
starts going upwards , the immediate target will be 17650 and then 17800.
Opening and trading near
17500 can give us a short term target of 17400 again.
BankNifty-
Today BankNifty was totally silent and was trading
in only 300 points zone. Expecting a good rally on any side.
Plan is simple and clear. If trading above PDH,
wait for some bullish price action and we can plan for a long trade. Targets
will be 41220, 41400.
If trading
below PDL, let market form some bearish price action and we can plan for short
trade. Targets will be 41500, 41250.
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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