Recap -
Market opened gap up and from first
minute we saw selling pressure in both the indices. Nifty even tried to breakout
its opening level but failed which can be called as a fakeout. BankNifty went
down quickly and gave a good downside move below PDH which we were expecting
and was favourable for short trades.
Market Context for Tomorrow –
Market can continue this fall as it has
broken some major levels especially in BankNifty. We can sell on every rise. My
view is sideways to bearish.
Nifty50 –
Nifty has closed below Wednesday’s lows.
Expect more fall now in coming days. We can wait for some rise and then plan
for a short trade.
If it opens near 18720 which was
mentioned yesterday as well, then we can plan for a short trade.
If it opens gap down or near PDL, we should
be ready for a short trade at any small pullback. Targets will be 18630, 18570.
We will only plan for long trades if
Nifty sustains above 18720 at least for one hour.
Chart for reference-
BankNifty-
As I mentioned yesterday that if it
breaks PDL, we can see a good downside move and can trade accordingly. It went
down even below PWL, which was a good support.
We can get more short trades not at
every rise. Hence wait for BankNifty to give some minor pullbacks which we can
trade and get favourable short trades.
Below PDL again it can give good move
and target will be 43300, 43180.
We will be bullish only if it goes
above 43750.
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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