Recap -
Today market opened at a small gap up and then went inside a range for
whole day. There was no momentum in market. Nifty and BankNifty were trading
merely in 50 and 150 points respectively. No trades at all.
Market
Context for Tomorrow -
PCR and OI (open interest) data giving some hints that we can go downside
which will be a good pullback given that market has already shown a good rally
in past weeks. Stay cautious, don’t go longs right now as R: R is not
favourable on upside.
Nifty50 –
Nifty opened with a slight gap up and it was trading at our drawn level
of 18135 for whole day and took support there.
For tomorrow again longs are not recommended. Any gap up we will wait for
some price action to form giving signs of bearishness and then we can plan for
some short trades. Keeping targets as 18100, 18050.
Big gap up will already open near 18200 and then again Nifty can show
some consolidation, hence will avoid trading there.
Chart for
reference-
BankNifty-
BankNifty is showing more bearishness. It can give a good trade now below
PDL.
If it opens Flat to gap down and start trading below PDL for fifteen
minutes, we can take a short trade with targets up to 43100.
In case any gap up, again it can lead to a flat day hence avoid any trade
on upside as of now.
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 PURPOSES. TRADE WISELY.
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