Higher Time Frame Price value relationship:
Monthly - Key support 21380 followed by 21100, Key resistance 22480 followed by 23000
Weekly - As suggested yesterday, market bounced back today from weekly level. Next immediate resistance at 22420.
Game plan for tomorrow(29/07/2020):
- Price value relationship indicating overlap with slightly negative bias.
- Trade Plan A: Any price action seen at 21920 - 21960 go for long with target of 22100, 22270
- Trade Plan B: Any price action seen at 21720 - 21760 can go for long with target of 21980, 22100
- Trade Plan C: Any price action seen at 22280 - 22330 can go for short with target of 22100, 21980, 21760
- Trade Plan D: Any price action seen at 22420-22460 can go for short with target of 22233, 22100
- Trade Plan E: Aggressive longs can take if price goes above 22460 with target of 22740
- Trade Plan F: Aggressive shorts can take if price goes below 21610 with target of 21360
My trade will be short CE's as per Plan C/D.
All levels are as per spot. Anything can happen. Please have a proper risk management. Happy trading.
For more updates follow on Twitter: @SekharJayKrish
- Yesterday itself I said, will trade as per plan C
- Covered all my CE shorts, done for the day
- Hope CE writers make enough money