Nifty Bank IndexLong
Bank Nifty for July 22nd
Hi All, Please do your own analysis before taking any trade.
Market opened Gap Up today and faced rejection at 36300 levels, but mostly its sideways only.
My Observations in todays trade:
1. Market formed an M pattern or Double Top at around 12.55 PM on 5 minute timescale, which is supported by Bollinger band analysis also, where we can go short by putting stop loss above 36316
2. Also market reversed to uptrend at 13.55 which is confirmed by lower bollinger band, a small CE trade is possible here.
3. I had shorted OTM options, 36500 CE and 35700 PE at 11.00 AM today as these levels are above and below our support and resistance, plan is to come out of the trades if market touches 36400 on the upside and 35800 in the downside, but market stayed between this range only, hence both options became 0. I made a SMALL PROFIT out of this trade today.
Analysis for tomorrow:
1. Flat to Gap up opening: If the market sustains above 36226 and 36315, we can go long till 36454 and 36727.
2. Gap Down opening: Market can come down till 35862 and 35757 (Gap filling level) and then can bounce back from here.
Quote of the Day: Market TELLS US what its going to do next, we just need to TRAIN OUR EYES ( Chart reading to identify support, resistance, trend lines, good patterns etc).
Reach out to me at 9989647590 for further updates.
Market opened Gap Up today and faced rejection at 36300 levels, but mostly its sideways only.
My Observations in todays trade:
1. Market formed an M pattern or Double Top at around 12.55 PM on 5 minute timescale, which is supported by Bollinger band analysis also, where we can go short by putting stop loss above 36316
2. Also market reversed to uptrend at 13.55 which is confirmed by lower bollinger band, a small CE trade is possible here.
3. I had shorted OTM options, 36500 CE and 35700 PE at 11.00 AM today as these levels are above and below our support and resistance, plan is to come out of the trades if market touches 36400 on the upside and 35800 in the downside, but market stayed between this range only, hence both options became 0. I made a SMALL PROFIT out of this trade today.
Analysis for tomorrow:
1. Flat to Gap up opening: If the market sustains above 36226 and 36315, we can go long till 36454 and 36727.
2. Gap Down opening: Market can come down till 35862 and 35757 (Gap filling level) and then can bounce back from here.
Quote of the Day: Market TELLS US what its going to do next, we just need to TRAIN OUR EYES ( Chart reading to identify support, resistance, trend lines, good patterns etc).
Reach out to me at 9989647590 for further updates.
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