Market Context -
Today was a very sluggish day with no major action
and not good for trading. Both the indices faced a resistance at their major
levels and tried to break and sustain it but failed.
Positionally stay with
the bullish trend but don’t go long blindly as market is showing some
consolidation and can give a pullback now.
Nifty50 –
Nifty gave a trade after
it came around 17720 and the first target of 17767 was achieved.
Unable to sustain above
17800 as of now. And from candlestick pattern we can see that it can go downside
at least tomorrow.
A gap up can give us a
short trade with targets of 17750 and 17700.
17650-17660 is a zone
where if market opens we have to wait for Nifty to form a price action and
trade accordingly.
Chart for reference-
BankNifty-
We can plan for a short trade below PDL with
targets of 42500, 42400. Any big gap up, don’t chase it as it can be a trap for
bulls. Around 42800 if BankNifty is making bearish pattern, plan for a short
trade.
We will take long trade only above PDH where it
should sustain at least for one hour.
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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