Recap -
A sideways day in Nifty and some action in BankNifty. BankNifty was
trying to go below the 43100 but seems like Nifty has helped in staying flat.
Overall market has managed to close flat on the day end.
Today both Nifty and BankNifty opened gap down at our first target and
then took support from there so no trade formed.
Market
Context for Tomorrow -
Nifty’s data is looking more bearish compared to BankNifty. Tomorrow
market may react more on basis of the USA’s Fed meeting outcome. Also it is an
expiry day hence any negative sentiment can give a good trending day on
downside.
Both Nifty and BankNifty needs to be in sync to give a trending day otherwise same range day can be seen.
Nifty50 –
Plan is simple. An opening above PDH and trading there at least thirty
minutes can give us a long side trade. Targets will be 18170, 18200.
Below PDL, we can plan for a short trade with targets up to 17960, 17910.
Chart for
reference-
BankNifty-
43220-43235 can act as a good flip zone. We can wait for BankNifty start
trading here. If bullish price action is formed, we can take a long trade with
targets 43350,43400. Else go for a short trade with targets up to 43120,43080.
For any major action, PDH and PDL needs to be broken then we can be more
comfortable on either side for taking trades.
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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