Recap -
Market opened slightly gap up and again
major movement came in first half hour and then remained sideways with a surprising
up move in last half hour. Nifty has shown more strength compared to BankNifty
in today’s session.
Market Context for Tomorrow -
Okay so PCR (Put/call ratio) is again
above 1 which shows that market is trying to move upwards after a consolidation
phase. Not totally convinced with the last hour move, still Nifty can make a
new all-time high soon. Both indices are not in sync hence possibility of one
side trend is low. Expecting a sideways day tomorrow as well.
Nifty50 –
Today our both target in Nifty has been
achieved on upside.
If Nifty opens flat around day high
then wait for it to cross PDH and then we can take a long trade with targets of
18770, 18800.
18680-18690 can act as a flip zone for
Nifty. If it opens near these levels, wait for half hour and observe price
action. If it sustains above this zone, again we can go long up to PDH, else
below we can see downside move up to 18630 and then 18600.
Keeping targets small on both side as
moves are not big either sides. Hence scalp and run is fine for this type of
market.
Chart for reference-
BankNifty-
Today BankNifty’s action remains inside
it previous day candle. Here moves are not clear and that doesn’t give
favourable trades.
Above PDH we can see some good move
upside with targets up to 44350. Book some quantities in every 60-70 points
move as spikes in BankNifty is very weird and it can hit stop loss.
43950-44000(50 points) zone is acting
as a support where we can get good R: R trades on either side.
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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