Recap -
Nowadays market shows all the major
action in first half hour and then remain silent for whole day with price
hovering around first 15-minute candle. Indices are not in sync hence not getting
any big moves on either side. Scalp and run is the way for traders to make some
money.
Market Context for Tomorrow -
PCR remains almost same in both the
indices. Expecting the market to remain sideways to bearish. Both Nifty
and BankNifty are at good support. If any big move has to come the support
needs to be broken first and then we can see some good move downside.
Nifty50 –
Nifty has hardly given 30-40 points move today. For good trades, it needs to go above PDH or below PDL. Hence plan will be to wait for Nifty to start moving on either side breaking PDH/PDL and then we can plan our trade accordingly.
Still on upside go with less quantity.
Targets will be 18680, 18720.
On downside keeping target as 18520,
18480.
Chart for reference-
BankNifty-
BankNifty is giving erratic moves and
most of the time its untradeable due to long wicks of the candles.
We will wait for PDH or PDL to be
broken and market to sustain there at least for half an hour before taking any
trade in BankNifty. Don’t trade in between especially in BankNifty as it will
hunt the stop loss majorly.
Upside targets will be up to 44300. (Above
PDH)
Downside targets will be 43750, 43650.
(Below PDL)
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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