Market Context - Sideways to bullish. Expecting now market to be range bound before giving a further breakout. BankNifty gave a good one side rally which I wrote in previous blog. Nifty was bit of choppy as it has already given good rallies in past one week.
Nifty50 –
Nifty has made
consecutively three green candles on weekly basis.
For next week I am
expecting to Nifty to consolidate more as many companies has results on
upcoming week. Range can be between 17600- 18100 weekly.
For tomorrow, 17785-17800
can act as a flip zone.
If Nifty opens flat or gap
up, we will wait for it to settle down near 17800 before going for a long
trade. Upside target will be 17850,17890.
If opens gap down, same
it should take a bounce till 17800, After that if bearish price action is
formed we can go for short with targets as 17730, 17700.
Chart for reference-
BankNifty-
Range on weekly basis: 41500- 42700.
If BankNifty opens gap up, the risk reward will not
be favourable, hence avoid taking any trade upside.
Let it give some pullback at least till 41870-41900
which can act as flip zone , then we can plan for a long or short trade. At
this level with proper price action formed the target for upside will be PDH
and for downside will be PDL.
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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