Market Context for current week and Tomorrow –
VIX is at all-time low indicating that
market can remain silent. Consolidation is expected at these levels in indices.
The major trend is still bullish and currently we are witnessing some
correction, hence don’t short blindly at each and every levels. Weekly closing
candles has not broken the previous week low in all indices, so stay with the
trend positionally.
For an intraday trader, scalping is
better as we are getting moves on both sides or trail your stop losses if
trying to catch a trend.
Nifty50 –
Weekly range -> 19400- 19990
If market opens flat and we get Nifty
at the range of 19620-19650, going long will be better after looking at price
action. Targets will be 19700, 19760.
Plan for short trade if we open gap up
and see sell off from higher levels. Also
below PDL/PWL, we can go for short trade with targets up to 19500, 19460.
Chart for reference-
BankNifty-
Weekly range -> 44750-46000
BankNifty is choppier nowadays hence wait for
proper price action to be formed near major levels and then only take a trade.
Stay bullish above 45520 and if it sustains here
after opening, then we can plan for long trade with targets up to 45720.
Short should be planned below PDL as the favourable
we will get favourable R: R below that only. In between, it’s more of a
sideways and SL hunting happens. Below PDL, target will be 45030.
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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