Nifty: August 4th Preparation

Today market opened on strong bearish notes. It took some support in the zone specified in previous post >>

Markets never touched the key resistance (10070) mention in above post. The weaker bulls could not sustain the up move, and after a small flag formation it broke down the channel support too and closed on bearish notes.

Strategy for tomorrow
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Bearishness Continues: If market opens with a gap down or opens flat, trades in a range of 10025-9998 and then breaks this range, then there are chances that it may touch 9950 levels. The extended bearish target for tomorrow would be 9920.

Gap Up: In this case market opens with a gap up (first trade inside the channel). A gap up opening above 10050 would reflect strong bullish sentiment if it could sustain those levels in the first hour. The bullish targets in this case would be 10080, 10108 and 10120

Let's see how the price action unfolds tomorrow.

As mentioned on the chart, due to inadequate response from the readers I may discontinue daily updates on Nifty from tomorrow..B'coz likes are the only motivation here.

Hit Like/Comment.
Trade Safe

Regards
Bravetotrade

Comment:

Market showing some signs of strength. I will buy if it holds above above 10005 with a very tight stop of 9880.

Comment:

If this trade turns positive, Minor target would be 10025 for this trade and intermediate target 10045.

Comment:

Both minor and intermediate targets mentioned in update are hit successfully.

Market reaction near the key 10050 is worth noticing for future plan.