Nifty: 2nd August Preparation

Today was quite a range bound session until the last hour action in which market made a new high.

Broadly the market is moving inside a channel (Cyan lines) and it has been approaching the top of the channel.

Tomorrow we may begin with a pullback. A minor retracement may stall at around 10100-10076 PSZ or at the trendline shown in chart. A deeper correction may lead it to break the trendline and test 10015-10036 PSZ-- the other end of channel, and a bounce back from there.

In the first case it may quickly achieve minor and the major targets while in the latter it may hover around the resistance at 10100-10076 before heading higher. In both the cases strategy should be to buy the low as long as market holds the channel support.

All levels are mentioned on the chart.

Hit like / comment if you think this information can be useful.

Trade safe, stay healthy.

Best Regards
Bravetotrade

Comment:

Opening at minor taget hit

Comment:

If it gets above 10105 and shows strength, bulls might have some confidence. Another confirmation would be a move past 10115.

Aggressive traders can observe reversal sign near 10090.

Manage your stops well as news days can be highly volatile !