Why I have mentioned that "Don’t try to predict the stock market" because last week I have updated my Nifty Weekly Post on Saturday and SGX Nifty was down by approx more then 100 points. But my trading setup was saying different story. I posted "Nifty: very less probability to break or sustain below 10000" and finally Nifty closed on the week's high.
Nifty this week trading setup is:-
10480 - 10680 (MULTIPAL DEMAND AND SUPPLY ZONE) 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 supply zone @ 10640-10680 and On the downside there is a demand zone @ 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 zone. 3. If Nifty will sustain below 10480 then it may test next demand zone @ 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 ---
Trade active
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Open Position: Sold 10700 Call @ 60 --- Shared this Trade in pervious week Nifty Post.
my open position sold 10600ce at 115 sold 10400pe at 104 trying to earn max profit.(9jul) nifty likely to expire near 10550.this my weekly expiry analysis.