Nifty Bank IndexUpdated Bank Nifty - 26 April 2023 Closing Analysis and Trade Plan
Good day to all my fellow trader's.
Lets proceed with indicator free price action bank nifty analysis from bird's eye view of Buyer's & Seller's. After all, its the big money that creates those candles for us.
What happened today and why?
Further to my yesterday post, market took the path of case-2 and seller's were able to push market down from a double top until buyer's jumped in at the support level of 42500 (As mentioned in my yesterday analysis).
42500 was a strong support as it was confirmed with 3 different kind of support & resistance methods (Explained in the chart).
0945hrs candle (green hammer) was the 1st indication that buyer's are jumping in to control any further decline of prices.
1000hrs candle green candle closing above the open of 0930hrs red candle and also closing at its high meant that buyer's are in full control now and this was our entry candle for a call buy with a target of about 150 pts.
Trader's should have hold their position until the test of resistance @ 42800 as all day buyer's kept on making higher high H1, H2, H3, H4.
As a buyer, a great day to capture 300 pts. If you couldn't, another day will come. Never regret !! Enjoy the journey.
What to expect for 27th April 2023 & why?
Case 1 - If the buyers are able to open the market gap up then its not wise to chase the rally as there is a big seller zone @ 43100. This is just around 250 pts from present position and not worth chasing.
Case 2 - Market is nicely placed at the top of trading zone so we all must always look for a reversal to trade. Remember the golden rule - BE A SELLER AT THE TOP OF A TRADING ZONE. SELL HIGH. Don't fall trap in breakout trades.
80% Breakout fails. If the market falls, we look to buy at support of 42600-42650 only & only after we get signal & confirmation green candles. DONT HURRY TO TRADE WITHOUT A PLAN.
Happy Trading !! Don't trade without a plan !!
Lets proceed with indicator free price action bank nifty analysis from bird's eye view of Buyer's & Seller's. After all, its the big money that creates those candles for us.
What happened today and why?
Further to my yesterday post, market took the path of case-2 and seller's were able to push market down from a double top until buyer's jumped in at the support level of 42500 (As mentioned in my yesterday analysis).
42500 was a strong support as it was confirmed with 3 different kind of support & resistance methods (Explained in the chart).
0945hrs candle (green hammer) was the 1st indication that buyer's are jumping in to control any further decline of prices.
1000hrs candle green candle closing above the open of 0930hrs red candle and also closing at its high meant that buyer's are in full control now and this was our entry candle for a call buy with a target of about 150 pts.
Trader's should have hold their position until the test of resistance @ 42800 as all day buyer's kept on making higher high H1, H2, H3, H4.
As a buyer, a great day to capture 300 pts. If you couldn't, another day will come. Never regret !! Enjoy the journey.
What to expect for 27th April 2023 & why?
Case 1 - If the buyers are able to open the market gap up then its not wise to chase the rally as there is a big seller zone @ 43100. This is just around 250 pts from present position and not worth chasing.
Case 2 - Market is nicely placed at the top of trading zone so we all must always look for a reversal to trade. Remember the golden rule - BE A SELLER AT THE TOP OF A TRADING ZONE. SELL HIGH. Don't fall trap in breakout trades.
80% Breakout fails. If the market falls, we look to buy at support of 42600-42650 only & only after we get signal & confirmation green candles. DONT HURRY TO TRADE WITHOUT A PLAN.
Happy Trading !! Don't trade without a plan !!
Note
Market followed Case-2
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