Market Context - Sideways to bearish. This whole week same thing has happened- Gap up or any bounce is getting sold off very quickly. Expecting same tomorrow as well except in the case if market opens a gap down where we can see a one side rally downside.
Nifty50 –
Levels are working
beautifully and it will be intact for tomorrow as well.
If Nifty opens gap up
near 17650, we can plan for a short trade with targets up to PDL.
Flat to gap down will
again give a good chance for Bears to take a full control and market can go one
sided in downwards direction. Targets will be 17500, 17450.
Upside I am not much
interested as Nifty hardly goes 30 points up and then sell off starts.
Chart for reference-
BankNifty-
BankNifty is still strong compared to Nifty. Levels
will be same. Plan is to find and take a short trade.
Any gap up near 42250, we can plan to take a short
trade. Targets will be 42100, 42000.
Below PDL we can get a trend day in BankNifty as
well. Targets will be 41850, 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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