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#Nifty 17th March 2023 | Falcon Trader AnalysisTime waits for none, how much time do you need to learn?
Check out Falcon Trader Analysis for Nifty 50 Index for 17th March 2023
Nifty has not completed this 3rd wave down, and this will end around 16848 followed by up move to complete wave 4 in ABC format, therefore next week Monday should go in that, - more on this soon.
Overall trend is down, but a good 200 point opportunity up move for completion of wave 4 is pending, and then wave 5 - all this of internal 3rd wave, then we will have wave 4 and wave 5 pending for major down moves to complete this massive 5th wave of daily chart.
Follow for more updates
BankNifty: Expiry day tradeBankNifty has certainly started recovering well, but given that we have just broken out of an important zone, trading BankNifty can get pretty tricky tomorrow. Here's a simple long setup that I think offers pretty good probability of success with good risk to reward ratio.
Rationale:
- Price has just broken through an important zone, but it hasn't been properly retested yet(which may never happen, but as a trader we should plan for that). So I'm expecting some retraction from the current level, before we start getting some good long opportunities.
- We have seen some good volume in last couple of sessions, and expect some profit booking if market opens with a gap-up. Though that seems less likely, as buyers seemed exhausted in the second half today, and I won't be surprised to see the market open with a gap-down(which is better for this setup).
- Indicators like RSI & Stochastic suggesting overbought range on 1H & smaller TFs, the market is not really trending yet according to ADX.
- If the market opens with a huge gap-up, then this trade is off. Otherwise, we wait for the mentioned price levels to hit and take positions accordingly, we must give market at least 3 hours for this trade to work, so don't take position if we there's not enough time(say after 12 PM).
Final Note:
- This just my personal opinion, not to be considered as a financial advice.
- Expect high volatility, so size your positions based on your risk appetite.