Market Context -
So week started with a sideways in first half to a good
rally in second half. The same should continue for whole week. Yes, there will
be some consolidation phase but that is a sign of a healthy market which we
want for an upside rally.
For tomorrow also I am bullish and expecting all
the major stocks to do well given that results are good. PCR of both Nifty and
BankNifty is also above 1 which I mentioned yesterday that it won’t take long
to turn the data bullish. Stay with the trend and plan for a upside trade only
which will give good rewards.
Nifty50 –
Nifty almost reached our
target of 17767 which was given yesterday.
For tomorrow, again if
Nifty opens around 17700-17720, we can go long after a bullish price action is
formed on chart. Targets will be 17767, 17800.
Any big gap up above
17800, don’t chase it as this zone will act as a good resistance zone. Let
market settle down in first one hour.
We will plan for short trade
only below PDL now. No random short trades in between as overall market
sentiment is positive.
Chart for reference-
BankNifty-
BankNifty is more bullish compared to Nifty. The
same should continue for tomorrow as well.
If it opens around PDH, wait for the first 15 minutes range to break on upper side before going longs. If we get BankNifty near 42500, this will be a good point to take a long trade with risk reward favourable. Targets will be 42800, 42950.
Short trades only below PDL and PWH which is highly unlikely for BankNifty to go at that level at least tomorrow.
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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