Recap –
A sideways day with most of the time
market has spent near zones which were mentioned in yesterday’s blog. It’s more
of a consolidation after a long rally. Indices were not in sync as BankNifty
was showing negative stance while Nifty was holding it with a quite positive
stance.
Market Context for Tomorrow –
Nifty and Bank Nifty has again made a
doji candle and also it’s an inside bar which somewhere indicates about a
reversal or a retracement in a market. The major trend which we see on monthly
or weekly chart is still bullish but as an intraday trader we need to be
prepared for a bearish day and it will give us a good points.
Also tomorrow is an expiry day where we
might get some good moves especially on downside. Overall view is sideways and
will only trade at extreme ends i.e. PDH and PDL. Indices needs to be in sync
then only we can see some trend forming.
Nifty50 –
Nifty was hovering around flip zone for
most of the time today. Keeping all level as it is for tomorrow.
We will be only bullish above PDH and
also other indices needs to be in sync if we need any upside move. Hence if Nifty opens gap
up, let it settle down 19400 then only plan for long trades.
For bearish trades, we can plan below
the flip zone. Below PDL, expecting Nifty to give good downside move up to
19200.
Chart for reference-
BankNifty-
BankNifty will be better for taking bearish trades
tomorrow.
Below PDL we can see a fast move here with targets
up to 44800. If it opens gap up and there is some rejection around 45200, that
will also give a favourable trade for downside.
For bullish trade, plan only above 45300. In
between it will be a choppy day hence trade at good levels.
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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