Bank Nifty for August 10th
NOTE: I WILL NOT BE AVAILABLE FROM WEDNESDAY ONWARDS TILL 15TH OF AUGUST HENCE WILL NOT BE ABLE TO POST MY ANALYSIS HERE.
Hi All,
I am posting my own analysis here as per my understanding and knowledge, please do your own analysis before taking any trades.
Todays market analysis: Market opened Gap up, came down, took support exactly at our support level of 37754 and BOOM, it gave a good up move. Also it has crossed the next resistance levels of 37998 and 38180.
I got GOOD profit today using my own Intraday Hedging Strategy and Bollinger Band Boundary value analysis. I only use these 2 for my trading, I don't use any other indicators or other software's. I will check the PRICE ACTION and how the price behaves at a given support or resistance and combine my above analysis.
Market View for Wednesday i.e. August 10th:
NOTE: As long as MARKET trades above 37998 and 37754, my view is BULLISH only, Market should not break 37754 at any cost, otherwise chances are very high that it may retest 37272 again.
1. Gap Up Opening: Market should respect the 37998 and 38180 and then if goes up, we can go long, very huge Gap Up above 38432, please wait for a Retracement and if the market respects 38432, then only trade.
2. Flat Opening: If market takes 38180 or 37998 as support, then we can go long till 38432 and after that 38771, I am not expecting any big move after this level.
3. Gap Down Opening: This is a very rare scenario for Wednesday, but if this happens, need to check how market reacts at 38180 and 37998 which are immediate supports and trade accordingly, but remember MARKET should not break and sustain below 37754.
As of now support and resistances for the market are as below:
S1: 38180
S2: 37998
S3:37754
R1: 38432
R2: 38771
R3: 39415
TIP OF THE DAY: There is no scope for EMOTIONS in the market, but we cannot assess our EMOTIONS only by doing Paper Trade or VIRTUAL Trade where our EMOTION will not come into picture. Real Trading EXPERIENCE is required to test how we are performing in the market.
My suggestion is to do REAL TIME Trading at least with 1 lot to check how our emotions are playing out in the MARKET. Then slowly we can increase our Lot size. Don't trade directly with 10 lots or 20 lots unless and until you get a good confidence on your Trading Style.
TRADING IS SIMPLE BUT NOT EASY, IT SHOULD BE SIMPLE.
Reach out to me on 9989647590 for further updates and analysis.
Please post your comments in the comments section so that I will come to know how my analysis is and will improve based on your feedback.
Hi All,
I am posting my own analysis here as per my understanding and knowledge, please do your own analysis before taking any trades.
Todays market analysis: Market opened Gap up, came down, took support exactly at our support level of 37754 and BOOM, it gave a good up move. Also it has crossed the next resistance levels of 37998 and 38180.
I got GOOD profit today using my own Intraday Hedging Strategy and Bollinger Band Boundary value analysis. I only use these 2 for my trading, I don't use any other indicators or other software's. I will check the PRICE ACTION and how the price behaves at a given support or resistance and combine my above analysis.
Market View for Wednesday i.e. August 10th:
NOTE: As long as MARKET trades above 37998 and 37754, my view is BULLISH only, Market should not break 37754 at any cost, otherwise chances are very high that it may retest 37272 again.
1. Gap Up Opening: Market should respect the 37998 and 38180 and then if goes up, we can go long, very huge Gap Up above 38432, please wait for a Retracement and if the market respects 38432, then only trade.
2. Flat Opening: If market takes 38180 or 37998 as support, then we can go long till 38432 and after that 38771, I am not expecting any big move after this level.
3. Gap Down Opening: This is a very rare scenario for Wednesday, but if this happens, need to check how market reacts at 38180 and 37998 which are immediate supports and trade accordingly, but remember MARKET should not break and sustain below 37754.
As of now support and resistances for the market are as below:
S1: 38180
S2: 37998
S3:37754
R1: 38432
R2: 38771
R3: 39415
TIP OF THE DAY: There is no scope for EMOTIONS in the market, but we cannot assess our EMOTIONS only by doing Paper Trade or VIRTUAL Trade where our EMOTION will not come into picture. Real Trading EXPERIENCE is required to test how we are performing in the market.
My suggestion is to do REAL TIME Trading at least with 1 lot to check how our emotions are playing out in the MARKET. Then slowly we can increase our Lot size. Don't trade directly with 10 lots or 20 lots unless and until you get a good confidence on your Trading Style.
TRADING IS SIMPLE BUT NOT EASY, IT SHOULD BE SIMPLE.
Reach out to me on 9989647590 for further updates and analysis.
Please post your comments in the comments section so that I will come to know how my analysis is and will improve based on your feedback.
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