What Chart Says:
Bank Nifty retested the Monthly CPR zone and had a good reversal and finally ended well above the session mid showing some good strength from the bulls.
Behind the scenes:
Advance to decline ratio is around 23:27 in nifty 50
FII have pulled out 1101 Cr & DII has pulled out 749 Cr from the market
European markets closed flattish at the time of the review
SGX nifty has currently trading at -0.22% at the time of review
US Market is also trading flat at the time of review
Crude oil is down by 1.34% and at 64.72%
Gold is trading by +0.5%
US 10Yr bond is still holding on at its previous session high
Dollor index is showing signs of making higher highs
What to expect:
With the mixed reactions in the global markets the data points, we can expect a possible range bound of market even tomorrow.
How to trade today:
1. GAP UP OPENING - First possible resistance is at 35545 and if it is taken out and if it acts as support then we can expect 35825 / 36014 & above levels to be tested.
2. GAP DOWN OPENING - First possible resistance is around 34972. Any of these levels acting as a strong resistance can go short with possible lower targets of 34430.
3. Flat OPENING - 35182 is the key level to watch out on flat open any at this level we can take positions in the direction of the trend and sit for targets as marked.
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?? Each levels Act can as possible support and resistance????.
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The indicator will auto plot the possible reversal zones for intraday & swing trades by analyzing the higher time frames and identifies the zones.
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You can also check out the Links in the signature for detailed analysis & catch us on LIVE trading.
Happy Trading !