Recap-
Today market traded
in very narrow region and was very volatile. This choppiness in market leads to
more SL hunting and overtrading. Although Nifty remained a bit on positive side
and first target was hit after too much of volatility.
Market
Context for Tomorrow –
My view for tomorrow
is again sideways to bullish. In all three indices Nifty looks a bit positive
and will give clean moves if BankNifty is in sync with Nifty. Keeping all levels
of yesterday as it is for tomorrow as market has contracted which can give a
clean move soon.
Nifty50
–
For tomorrow, again it’s
better to trade above PDH and below PDL. Here we can get decent moves.
If Nifty breaks its
PDH and sustain above it, take bullish trades with targets of 19680,19730.
If it opens gap down
and start trading below PDL, then only I will be interested in taking bearish
trade so that we can capture at least 50-60 points. Below PDL targets will be 19450, 19400.
Chart
for reference-
BankNifty-
BankNifty is consolidating and moving in a compact range. In a day or two
I am expecting a good one side move.
Above PDH remain bullish and take long trades. Targets will be up to
45350. Book your profits in every 100-150 points
Below PDL we can get good short trades and target will be 44600, 44500.
It’s better to avoid BankNifty in the range it has worked today and try
to find clean trades.
Chart
for reference-
CNXFinance
(Fin Nifty)-
Tomorrow is Fin Nifty’s expiry and it is at good levels for us to capture
one side move.
On upside if it breaks PDH or opens gap up, let it settle and then plan
for long trade after it sustains above 20070. Targets will be 20150, 20220.
Below PDL, plan for short trades as it will be more favourable. Targets
will be 19900, 19850.
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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