Bank Nifty for August 3rd
Hi All,
I am posting my own analysis here as per my understanding, please do your own analysis before taking any trades.
Observations in todays market: on 15 minute timeframe, at 10 to 10.15 am, market broke our support level of 37754 but bollinger band analysis is telling market may bounce back from here which is what happened, so we are saved from a false breakout here.
Also there is a selling visible at the end of the day today.
NOTE: As long as market does not break lower lows, and as long as market does not break 37754, I am BULLISH only.
Also market can behave very WILDLY tomorrow, there can be huge volatility on either side with big big candles why because market is going up in a straight line which is not a good sign. SO be careful, even if we trade with SL, Stop losses will be hit very easily, only way to trade in such markets is by HEDGING. Also a small SELL OFF is also possible.
I am going to implement my own HEDGING STRATEGY only tomorrow, no naked trades, so that I know my maximum Loss and Profit, if the Direction is very clear, then only I will go for Naked trades otherwise a BIG NO.
View for tomorrow:
1. Flat to Gap Up opening: If the market respects lower lows and trades above 38000 and 38180 (todays high), we can go long, but remember market should satisfy these 2 conditions. Upmove till 38771 levels is possible.
2. Gap Down opening: 37754 will become immediate resistance which should be broken on the upside if the market has to go up, otherwise again market can retest 37272 levels.
Tip of the Day: Suppose market moves from 10 to 100, nobody can catch the entire rally i.e. enter at 10 and exit at 100, its not possible, always try to enter at best possible position and keep trailing as much as possible so that we can catch the rally, also don't think about the points that we are unable to capture, remember nobody can capture the entire rally, it comes with experience.
TRADING IS SIMPLE BUT NOT EASY, IT SHOUDL BE SIMPLE
Reach out to be on 9989647590 for more updates.
I am posting my own analysis here as per my understanding, please do your own analysis before taking any trades.
Observations in todays market: on 15 minute timeframe, at 10 to 10.15 am, market broke our support level of 37754 but bollinger band analysis is telling market may bounce back from here which is what happened, so we are saved from a false breakout here.
Also there is a selling visible at the end of the day today.
NOTE: As long as market does not break lower lows, and as long as market does not break 37754, I am BULLISH only.
Also market can behave very WILDLY tomorrow, there can be huge volatility on either side with big big candles why because market is going up in a straight line which is not a good sign. SO be careful, even if we trade with SL, Stop losses will be hit very easily, only way to trade in such markets is by HEDGING. Also a small SELL OFF is also possible.
I am going to implement my own HEDGING STRATEGY only tomorrow, no naked trades, so that I know my maximum Loss and Profit, if the Direction is very clear, then only I will go for Naked trades otherwise a BIG NO.
View for tomorrow:
1. Flat to Gap Up opening: If the market respects lower lows and trades above 38000 and 38180 (todays high), we can go long, but remember market should satisfy these 2 conditions. Upmove till 38771 levels is possible.
2. Gap Down opening: 37754 will become immediate resistance which should be broken on the upside if the market has to go up, otherwise again market can retest 37272 levels.
Tip of the Day: Suppose market moves from 10 to 100, nobody can catch the entire rally i.e. enter at 10 and exit at 100, its not possible, always try to enter at best possible position and keep trailing as much as possible so that we can catch the rally, also don't think about the points that we are unable to capture, remember nobody can capture the entire rally, it comes with experience.
TRADING IS SIMPLE BUT NOT EASY, IT SHOUDL BE SIMPLE
Reach out to be on 9989647590 for more updates.
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