Nifty this week trading setup is:-
10480 - 10680 (MULTIPAL DEMAND AND )
10270-10310 (MULTIPAL DEMAND AND SUPPLY ZONES)
1. I don't think so Nifty will trade or sustain above 10700 because there are multiple very strong supply zones. So I have a current short position
in 10700 call @ 60 (Updated this Trade in last week's Nifty post.). In any case if it will sustain above 10700 then I will close my current short
position and will take a long position. In this case I will update next levels in this post.
2. On the upside there is a very strong @ 10640-10680 and On the downside there is a @ 10480-10530. So 10480 to 10680
will be no trade zone. It's difficult to get the follow through on the both side in this zone and it will be a choppy market in this wide trading
3. If Nifty will sustain below 10480 then it may test next @ 10240-10310. In this case I may add more short position in Nifty .
Still my setup is not allowing me to think for the 9000-8000-7000-5000 etc. levels in Nifty in coming days or weeks. So I will respect the screen, price and trend instead of doing prediction.
Thank X :)--- Have a gr8 Weekend ---