Recap –
So bearishness in market continued today as well. Sell on rise has worked
well. Actually market gave only one perfect entry in morning after some
consolidation/rise and then it was favourable to trade in both Nifty and
BankNifty. It was clearly mentioned that we will be only bullish after a
certain level where market has not touched today.
Market
Context for Tomorrow –
Now we have got two
back to back trending days on downside expecting it to consolidate and give
some pullback. View is still sell on rise but go with less quantity as it can
be volatile now.
Nifty50
–
If Nifty opens flat
to gap up, wait for some bearish price action and then go for short trades.
If opens gap down, we
need to wait for some pullback till 19400 and then plan for trading in
downside. Targets will be upto PDL. Again if PDL is broken, Nifty should travel
upto 19200 where a gap is pending to be filled.
We will be only bullish
if PDH is broken and Nifty sustains above 19560.
Chart
for reference-
BankNifty-
For tomorrow I am considering a decent 150 points zone (44730-44880) for
taking trade on either side.
If BankNifty crosses this zone and sustains above, it then we can plan
for some bullish trade. Targets will be 45050, 45200.
If it opens gap up and faces resistance near this zone, we can plan for a
short trade. Targets will be 44500, 44300.
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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