Market Context for Tomorrow –
Market consolidated
on last Friday and made an inside candle on daily timeframe which suggest that
beyond this range we can expect a good move. If we see broader picture of market
should consolidate more in this range on weekly timeframe before giving a one
side moves. VIX has again fallen down so not expecting big moves atleast on
Monday. For tomorrow, view is sideways to bullish.
Nifty50
–
Keeping it very
simple as we got a narrow range in Nifty. We should plan to take a trade only
above PDH and below PDL.
If Nifty opens gapup
and sustains near PDH (19530-19550), we can take a long trade. Targets will be 19600,
19680.
Below 19460-19430 or
PDL, we can plan for short trade with targets of 19350, 19300.
Chart
for reference-
BankNifty-
In BankNifty, if it opens flat or gap up, let is sustain above 45000,
then we can plan for long trades. Target will be up to 45350.
Below 44770-44800, we can plan for short trades. Targets will be upto
44520.
Chart
for reference-
CNXFinance
(Fin Nifty)-
In FinNifty, 19950 can act as a good flip level for tomorrow. Let price
settles near this zone and we can trade accordingly.
If we sustain above this zone, long trades will be favourable. Targets will be 20050, 20120. If it faces resistance near this zone and some bearish price action is visible, short trade can be taken with target upto 19800.
For a clean move in FinNifty, gap up should sustain above PDH, then we might
see a good one sided move.
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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