Looks like a zig-zag correction, which seems to get over and will move back to the normal course of upmove. The market is well above 20/50/200 DMA and correction seems to be normal for a long entry.
Decision Line:- 35,200
Resistance:- 35,370 / 35,550 / 35,960
Support Zone :- 34,950 / 34,844 - 34,717 / 34,410 - 34,608
One of the best forms of PA action is not to predict but to act on the price, chart tells you where, when & how to act on price. Wait for the decision points on the chart to act else don't trade.
E.g. One of the important DP is the weekly low, if the weekly low is broken, then only you will short else you won't.
John Maynard Keynes said, “the markets can remain irrational longer than you can remain solvent.” So be cautious and flexible as market conditions evolve.
Always trade what you see, never trade what you feel. Make this a habit, you won't be requiring any seminar, webinar, or mentor, you will be self-sufficient.
Regards, SG.
Comment
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#banknifty analysis for 9th June'2021
Looks like a zig-zag correction, which seems to get over and will move back to the normal course of upmove. The market is well above 20/50/200 DMA and correction seems to be normal for a long entry.
Decision Line:- 35,200
Resistance:- 35,370 / 35,550 / 35,960
Support Zone :- 34,950 / 34,844 - 34,717 / 34,410 - 34,608
This was my analysis posted last evening:-
1. Market took support from the lower channel and crossed 35200 to make a high of 35,408, using the analysis, you catch the first upside target of 35,370:- +170 points.
2. It sold below 35,200, even if you waited from the channel to break to take short trade, you meet two targets on the lower side 34,950 & 34,717.
3. The green arrow mentioned in the chart is from the green zone ( 35,717-34,844, which is a buying area and higher targets will be achieved tomorrow.
Looks like a zig-zag correction, which seems to get over and will move back to the normal course of upmove. The market is well above 20/50/200 DMA and correction seems to be normal for a long entry.
Decision Line:- 35,200
Resistance:- 35,370 / 35,550 / 35,960
Support Zone :- 34,950 / 34,844 - 34,717 / 34,410 - 34,608
This was my analysis posted last evening:-
1. Market took support from the lower channel and crossed 35200 to make a high of 35,408, using the analysis, you catch the first upside target of 35,370:- +170 points.
2. It sold below 35,200, even if you waited from the channel to break to take short trade, you meet two targets on the lower side 34,950 & 34,717.
3. The green arrow mentioned in the chart is from the green zone ( 35,717-34,844, which is a buying area and higher targets will be achieved tomorrow.
subhagghosh
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I have gone through thousands of books and burned myself for 16 years in the market.
jenish05me51
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@subhagghosh, Sir, I have been following you. And i have my own techniques to trade and most of time , my view matches with your view. So I feel great about it.
I have been in the market for more than year. I have tried so many methods, same as any novice trader do.
I have lost around 55 lakhs ruppes, almost 75% of my savings.
Can you please suggest way forward to become profitable trader.
What i mean to ask is how can i control my emotions and change my view temporarily. Like BN was bullish and last one week it turned Bearish. Now again from today it is bullish.
As you spent 16 years, Please guide me how can i reduce my tenure of becoming profitable trader.
subhagghosh
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@jenish05me51 It's now tough to make money, if u have good capital.
People's with low capital, struggle and losses all.