Bank Nifty for August 22nd
Hi All,
I am posting my analysis here based on my knowledge and observations, please do your own analysis before taking up any trades.
Market took a huge correction today, and I got GOOD PROFIT today with the help of Bollinger Band Analysis.
Note: Immediate resistance for market is at 39096 and 39142 and immediate support is 38771, this ZONE becomes NO TRADE ZONE for us, let the market take a direction on either side, then we will trade, otherwise we will wait.
View for Monday:
1. Huge Gap Up: Need to check how market reacts at 39142 and 39096 and according to Price action, need to trade.
2. Flat to Gap Down Opening: First check if market respects 38900 and 38771 levels on the downside, if these 2 levels are also broken, then market can again correct till 38632 and can bounce back from there, not expecting the market to break this level, but be careful this also may get broken if any news or other issues comes.
TRADING IS SIMPLE BUT NOT EASY, IT SHOULD BE SIMPLE.
Tip of the Day: Follow the Process, money automatically follows you, don't focus only on Money and profits, if we do that we can never become profitable.
Also one more point to be noted, always calculate your Profit/Loss in terms of Points and not on Real Amount, this will be very helpful when we try to increase our position sizes, otherwise for the same amount of loss, if we trade with Huge quantities, we will not be able to HOLD the trade as per our Rules.
Please do comment on my analysis so that I can improve on the same based on your feedback.
Reach out to me on 9989647590 for any other updates.
I am posting my analysis here based on my knowledge and observations, please do your own analysis before taking up any trades.
Market took a huge correction today, and I got GOOD PROFIT today with the help of Bollinger Band Analysis.
Note: Immediate resistance for market is at 39096 and 39142 and immediate support is 38771, this ZONE becomes NO TRADE ZONE for us, let the market take a direction on either side, then we will trade, otherwise we will wait.
View for Monday:
1. Huge Gap Up: Need to check how market reacts at 39142 and 39096 and according to Price action, need to trade.
2. Flat to Gap Down Opening: First check if market respects 38900 and 38771 levels on the downside, if these 2 levels are also broken, then market can again correct till 38632 and can bounce back from there, not expecting the market to break this level, but be careful this also may get broken if any news or other issues comes.
TRADING IS SIMPLE BUT NOT EASY, IT SHOULD BE SIMPLE.
Tip of the Day: Follow the Process, money automatically follows you, don't focus only on Money and profits, if we do that we can never become profitable.
Also one more point to be noted, always calculate your Profit/Loss in terms of Points and not on Real Amount, this will be very helpful when we try to increase our position sizes, otherwise for the same amount of loss, if we trade with Huge quantities, we will not be able to HOLD the trade as per our Rules.
Please do comment on my analysis so that I can improve on the same based on your feedback.
Reach out to me on 9989647590 for any other updates.
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