Market Context - Market is sideways and very volatile at the moment. It is opening gap up but all gains are getting sold off. Expect the same volatility to continue in this week as market made a big range on Monday.
Nifty50 –
If Nifty again opens gap
up, wait for price to settle. We will plan to take trade near 17660-17650 zone.
If market opens gap down
and start trading below PDL, we can see plan for a short trade and it can be a
good sell off in same direction with targets 17500, 17450.
Chart for reference-
BankNifty-
Same goes for BankNifty as well. If opens gap up, don’t
chase it for long or short trade. Let it settle around 42300-42330 zone. Then
we can take trade accordingly.
For a short trade, the best will be to BankNifty
starts below PDL and then we may get a trending tomorrow in downside. Initial
targets will be around 41870 and then 41700.
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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