Nifty: Mondee Trade

Hello Traders,

What I see in this 15min. chart is a Triangle; a bullish Channel; and A Range. There could be 2 possible scenarios:

Scenario 1 >> The bulls are strong in the opening and market opens with gap up or trades above 9930. In this case simply observing the market behavior on pullback/retest of the 9922-9930 area might give an opportunity for a confirmed entry with low RRRatio. Its better to wait for any bullish signal that one follows. On the other hand, the Pullback may extend in case bears take control, in this case scenario 2 can be followed.

Scenario 2 >> The bears are strong in the opening, market trades below 9922 and trickles down. In that case 8960-8990 zone ( although its a wide zone yet it is what it is) could provide a necessary support to push the market higher. The basic strategy in this case would be to buy the low -- by 'buy the low' I mean any bullish signal near (or into the support zone) the common base of channel and triangle. Again the idea would be to get better RRRatio.

The above two are the bullish scenarios and will work as long as market holds above 9838. Decisive closing and continuation below this point could be a different story.

Hit like if you think this information can be useful.

Trade safe, stay healthy and happy weekend.

Best Regards
Bravetotrade

Important Note: Looking at the present chart, my following educational posts can help in Monday trade. So plz. have a look.
Links for broader weekly and monthly views on the market are too left in the comment section.

Comment:

Comment:

Correctiom plz. The key swing support area is mistyped. It should be 9890-9860.

Comment:

Market seems ready to touch upper resistance.