Recap-
Today market and
especially Nifty has given a swift move on both the direction. First thirty-minute
candle gave an impression that today is going to bearish to sideways day but
the second half of market was really surprising as market just went up without
any pullbacks. BankNifty and FinNifty has not moved if we compare it to Nifty.
Market
Context for Tomorrow –
Tomorrow is an expiry
day and also RBI monetary policy announcement is scheduled at 10 am. Hence stay
cautious and better to trade after these events as market can be really
volatile tomorrow. One of the main reason BankNifty was silent for almost three
days is this event which is going to happen tomorrow. Looking at today’s price
action, if BankNifty becomes bullish tomorrow then definitely it is going to
support Nifty and we can go upside.
Nifty50
–
Today Nifty has given
almost 200-point rally in second half and that was quite out of the context
after a good sell off in morning.
For tomorrow if we
are opening gap up, a pullback is must and then only we can plan for bullish
side trades given that it sustains above PDH. Above PDH, targets will be 19720,
19750.
If there is a
rejection after a gap up or flat opening near 19680-19650, let Nifty breaks it
first 15-minute candle low and then plan for a short trade. In this case
targets will be 19600, 19550.
Chart
for reference-
BankNifty-
BankNifty has remained silent relatively and after tomorrow’s RBI event
it is expected to give a good one side rally. Till then we should be prepared
with our levels for tomorrow and plan accordingly. It is better to avoid first
one hour.
Above 45000, we should plan for bullish trade given that it sustains
here. Targets will be upto 45350.
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.
Comments
Post a Comment