I have displayed 4 hour candles in the chart so the entire range is visible and yet the candle movement too can be seen on a day to day basis.
Also the Kinko Hyo should guide viewers about the bearish/bullish price action in the 4th-8th June trading week and accordingly set SL and targets based on the range levels.
As the week progresses you may have to press the <load new bars> button and adjust the zoom levels of this chart to clearly view the price action.
The first and fourth are Dojis indicating consolidation which could lead to a breakout.
The first candle was a kind of Hammer which led to the next bullish candle.
But this was followed by the next candle with a similar top shadow and bearish. These middle two candles form a Tweezer Top followed by a Gravestone Doji.
This could indicate a bearish trend to follow.
My advice is to wait for confirmation of trend with the breakout either below or above the Ichimoku cloud before entering a trade.
I have anyway been trading short since May 15th with regular profit booking. Currently short positions since 31st May.
The Bank Nifty candle structure in the daily charts looks like tomorrow will be a down day and that will affect Nifty as well.
And the Nifty daily candle seems to me to be something of a Bearish Evening Star indicating a drop in the immediate context.
I studied the Bank Nifty price action and feel that any of the previous 4-5 daily candles price action will not be reliable to select a Pivot and its derivations. So I had clubbed some of them in the earlier Bank Nifty chart valid from 4th-8th June and that should be more reliable. I have posted links below.
Demat providers sometimes have serious glitches in their programming. About 2years ago our best private bank and our biggest IT firm collaborated to redesign their trading platform. It was a disaster. If you bought something in the futures market for say Rs100 and held it BTST, next day it would show that you bought it at less than 100 - say Rs98!! In fact I lost some money because I hurriedly closed some trades thinking I was in profit, without looking at my handwritten diary.
After observing this and many other glitches in the way the data was output I complained to the customer number. Of course they did not understand anything of what I told them. I sent a number of emails and so on. After a few days a bank executive called me and conferenced me with an executive from the IT firm. They wanted to know how I found the data problems. I had parsed their output data and have designed data validation procedures to check for anomalies. They wanted to know my procedures. I refused and just told them to figure it out themselves - if I could do it then certainly these highly paid professionals could do it. Eventually I stopped trading on their platform
We call ourselves an IT powerhouse but our software is very poor across the board. Basically we just provide cheap labour to western nations.