Bank Nifty for August 23rd
Hi All,
I am posting my own analysis here, please do your own analysis before taking any trades.
Market opened Gap down today and slipped down further. My analysis has completely gone wrong and I had made a huge LOSS today. Reasons for the same are as below:
1. First trade itself has gone wrong which effected my mind balance and psychology early in the morning itself which had effected me the whole day
2. I tried my best to take best possible trades to cover my loss but loss kept on increasing. That's why we have to come out with small losses so that we can try for good trades afterwards.
3. Also as I am not in control, I am unable to follow my RULES properly.
4. My biggest MISTAKE today is I tried to cover LOSS and made it BIGGER LOSS. Always remember today is not the last day of trading, market will be there going forward also.
But sometimes it happens, we have to accept and move on, I have confidence that I will bounce back again. I had learned many GOOD LESSONS today which will help me going forward.
My view for tomorrow:
NOTE: Market is continuously falling from the last 2 days, hence I am expecting a DOJI candle or a GREEN candle tomorrow, hence I updated my view as LONG for tomorrow, but be careful my view can completely go wrong and market can correct further.
1. Flat to Gap Up Opening: Immediate resistance for the market is at 38376 and 38472, if market breaks lower high and lower low formations and starts moving up, then only go long that too after 38472.
2. Gap Down opening: Immediate support is at 38256 and 38180, market should take support at any of these levels, otherwise correction till 37998 and 37754 levels is possible.
NOTE: If HUGE GAP DOWN happens tomorrow, then it will be a tricky situation, Short Covering can happen any time as market is falling continuously, so please be careful, observe Price Action and wait for your trade according to your setup, if your Setup comes, then only trade and with only very less Quantity.
I am posting my own analysis here, please do your own analysis before taking any trades.
Market opened Gap down today and slipped down further. My analysis has completely gone wrong and I had made a huge LOSS today. Reasons for the same are as below:
1. First trade itself has gone wrong which effected my mind balance and psychology early in the morning itself which had effected me the whole day
2. I tried my best to take best possible trades to cover my loss but loss kept on increasing. That's why we have to come out with small losses so that we can try for good trades afterwards.
3. Also as I am not in control, I am unable to follow my RULES properly.
4. My biggest MISTAKE today is I tried to cover LOSS and made it BIGGER LOSS. Always remember today is not the last day of trading, market will be there going forward also.
But sometimes it happens, we have to accept and move on, I have confidence that I will bounce back again. I had learned many GOOD LESSONS today which will help me going forward.
My view for tomorrow:
NOTE: Market is continuously falling from the last 2 days, hence I am expecting a DOJI candle or a GREEN candle tomorrow, hence I updated my view as LONG for tomorrow, but be careful my view can completely go wrong and market can correct further.
1. Flat to Gap Up Opening: Immediate resistance for the market is at 38376 and 38472, if market breaks lower high and lower low formations and starts moving up, then only go long that too after 38472.
2. Gap Down opening: Immediate support is at 38256 and 38180, market should take support at any of these levels, otherwise correction till 37998 and 37754 levels is possible.
NOTE: If HUGE GAP DOWN happens tomorrow, then it will be a tricky situation, Short Covering can happen any time as market is falling continuously, so please be careful, observe Price Action and wait for your trade according to your setup, if your Setup comes, then only trade and with only very less Quantity.
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