Nifty Analysis for 01-08-2022 (Pre-Open)
NIFTY
Broader Outlook :
As everyone is aware that market is going on pushing upwards without any meaningful correction since 15900 levels , now with rise of close to 1500 odd points its high time to be cautious as the markets may retrace downwards to fill many opening gaps in 16000-17000 range . On the Upside i personally don't think Nifty will cross 17500 without surprise correction (i may be wrong with my view here)
Now coming back to setup for the day i,e for - 01-08-2022 Monday
Trade Setup Scenarios :
Scenario 1 :
If Market Opens above 17250 levels (as being indicated by SGX NIFTY late night close of 29-07-2022 ) then wait for markets to test Resistance Zone if it sustains without breaking higher up to 10:30 AM then one can plan to Short Sell markets around here with strict Stop Loss of 17275 .. the Initial Targets for this will be around 17150 levels (near around Support Line). One can Plan to trail Stop Loss and continue to hold Shorts below 17150 for entire day.
Scenario 2 :
If Market Opens below 17200 then wait for Markets to test Buyers Zone , Interested friends can go long here with Strict Stop loss of 17070 for all long trades . Below 17070 i expect markets to start correcting heavily but we shall wait for the trend to set before planning any shorts here.
If Interested Plan your day trade accordingly :)
Do Comment , share and "LIKE" if you find this info valuable to use .
Happy Hunting ,
Chintamani
Disclaimer.
I am not SEBI registered analyst.
My studies are for educational & General purpose only.
Please Consult your financial advisor if you have plans of trading or investing.
You yourself hold sole responsibility of profits and your losses arising of above shared info
NIFTY
Broader Outlook :
As everyone is aware that market is going on pushing upwards without any meaningful correction since 15900 levels , now with rise of close to 1500 odd points its high time to be cautious as the markets may retrace downwards to fill many opening gaps in 16000-17000 range . On the Upside i personally don't think Nifty will cross 17500 without surprise correction (i may be wrong with my view here)
Now coming back to setup for the day i,e for - 01-08-2022 Monday
Trade Setup Scenarios :
Scenario 1 :
If Market Opens above 17250 levels (as being indicated by SGX NIFTY late night close of 29-07-2022 ) then wait for markets to test Resistance Zone if it sustains without breaking higher up to 10:30 AM then one can plan to Short Sell markets around here with strict Stop Loss of 17275 .. the Initial Targets for this will be around 17150 levels (near around Support Line). One can Plan to trail Stop Loss and continue to hold Shorts below 17150 for entire day.
Scenario 2 :
If Market Opens below 17200 then wait for Markets to test Buyers Zone , Interested friends can go long here with Strict Stop loss of 17070 for all long trades . Below 17070 i expect markets to start correcting heavily but we shall wait for the trend to set before planning any shorts here.
If Interested Plan your day trade accordingly :)
Do Comment , share and "LIKE" if you find this info valuable to use .
Happy Hunting ,
Chintamani
Disclaimer.
I am not SEBI registered analyst.
My studies are for educational & General purpose only.
Please Consult your financial advisor if you have plans of trading or investing.
You yourself hold sole responsibility of profits and your losses arising of above shared info
Comment:
Market has broken above resistance zone and tested 12275 just a min. ago. Now from here if market breaks down 17230 from here we can plan to short sell with stop loss at 12275 (or day high what ever is higher during this breakdown) .
Comment:
Nifty after testing immediate support line post opening sell off has closed near highs of the day which is indicating further bullishness in market. Looks Institutions or Bull Cartel is trying to squeeze even the last drop of blood from bears lol . Now 17500 looks evident above which 17800 is also possible in this up move. Personally i am keeping fingers crossed without any position nor opinion to trade in indices until the market takes a pause . Better to take some positional view in some beaten down fundamental sound stocks which i have posted on my profile page . Thanks
