Bank Nifty for August 5th
Hi All,
What an expiry today, what an expiry, market gave good scope to earn today after a long time. I made a DECENT PROFIT today on both sides (CE and PE also).
DISCLAIMER: Views posted here are as per my own analysis and understanding which can go wrong anytime, please do your own analysis before taking any trades.
Todays market analysis:
As updated in my previous days analysis, inspite of a Gap Up opening, price was rejected at 38180 (exactly at our resistance level which I clearly mentioned in yesterdays analysis) and then on a 15 minute time frame, 9.45 candle is a Retest candle and at 10 Am its clear that market is going downwards which is confirmed by both Bollinger band and Resistance. I thought market will respect 37998 (our next resistance) or 37754 but it crashed. I clearly mentioned in my yesterdays analysis that market has already tested 37754 many times hence it became a weak support/resistance and Market came down exactly till 37272 which is also mentioned in our yesterdays analysis.
37272 acted as a good support and then market bounced back from that level but REMEMBER market is still facing resistance at 37754 as of now.
My view for tomorrow:
As of now, Immediate support for the market is at 37272, 37012 and 36886
Immediate resistance is at 37998 and 38180, and if short covering happens, market can go till 38771.
NOTE: Need to check if 37754 will act as Support/Resistance depending on market opening.
Flat to Gap Up opening: First need to check whether market will take 37754 as support/resistance and depending on the price action, need to plan the trades, all the supports and resistances are mentioned above for reference.
Gap Down Opening: If market faces resistance at 37754, again it can retest 37272 and then 37012 but market SHOULD NOT break 37012, if this level is also broken, then more DOWNSIDE is possible.
It will be a COOL OFF DAY for me tomorrow because whenever I make a good profit, the next day I will become aggressive and make DOUBLE LOSS which I want to avoid, what I will do is simply apply my INTRADAY HEDGING STRATEGY and close it by end of the day, LOSS/PROFIT I will take it. By following this approach, I can avoid huge losses after a good profit which happened many times. As LOSS will be limited, market can never take away my TODAYS Profit which is very important for me.
Tip of the Day: People will do TRADING like a GAMBLING without proper plan and Risk Management and start scolding the MARKET For their losses, then they will tell everyone that TRADING is GAMBLING. Actually TRADING is a Decent profession which should be TREATED as a BUSINESS. If Trading is really Gambling, just think why GOVT didn't BAN IT till now???
TRADING IS SIMPLE BUT NOT EASY, IT SHOULD BE SIMPLE.
Please share your comments in the comments section on my analysis so that I can improve it further as per the feedback received.
Reach out to me on 9989647590 for learning INTRADAY HEDGING STRATEGY or for any other updates.
What an expiry today, what an expiry, market gave good scope to earn today after a long time. I made a DECENT PROFIT today on both sides (CE and PE also).
DISCLAIMER: Views posted here are as per my own analysis and understanding which can go wrong anytime, please do your own analysis before taking any trades.
Todays market analysis:
As updated in my previous days analysis, inspite of a Gap Up opening, price was rejected at 38180 (exactly at our resistance level which I clearly mentioned in yesterdays analysis) and then on a 15 minute time frame, 9.45 candle is a Retest candle and at 10 Am its clear that market is going downwards which is confirmed by both Bollinger band and Resistance. I thought market will respect 37998 (our next resistance) or 37754 but it crashed. I clearly mentioned in my yesterdays analysis that market has already tested 37754 many times hence it became a weak support/resistance and Market came down exactly till 37272 which is also mentioned in our yesterdays analysis.
37272 acted as a good support and then market bounced back from that level but REMEMBER market is still facing resistance at 37754 as of now.
My view for tomorrow:
As of now, Immediate support for the market is at 37272, 37012 and 36886
Immediate resistance is at 37998 and 38180, and if short covering happens, market can go till 38771.
NOTE: Need to check if 37754 will act as Support/Resistance depending on market opening.
Flat to Gap Up opening: First need to check whether market will take 37754 as support/resistance and depending on the price action, need to plan the trades, all the supports and resistances are mentioned above for reference.
Gap Down Opening: If market faces resistance at 37754, again it can retest 37272 and then 37012 but market SHOULD NOT break 37012, if this level is also broken, then more DOWNSIDE is possible.
It will be a COOL OFF DAY for me tomorrow because whenever I make a good profit, the next day I will become aggressive and make DOUBLE LOSS which I want to avoid, what I will do is simply apply my INTRADAY HEDGING STRATEGY and close it by end of the day, LOSS/PROFIT I will take it. By following this approach, I can avoid huge losses after a good profit which happened many times. As LOSS will be limited, market can never take away my TODAYS Profit which is very important for me.
Tip of the Day: People will do TRADING like a GAMBLING without proper plan and Risk Management and start scolding the MARKET For their losses, then they will tell everyone that TRADING is GAMBLING. Actually TRADING is a Decent profession which should be TREATED as a BUSINESS. If Trading is really Gambling, just think why GOVT didn't BAN IT till now???
TRADING IS SIMPLE BUT NOT EASY, IT SHOULD BE SIMPLE.
Please share your comments in the comments section on my analysis so that I can improve it further as per the feedback received.
Reach out to me on 9989647590 for learning INTRADAY HEDGING STRATEGY or for any other updates.
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