Probable Scenario Analysis:
(1) BULLISH SCENARIO:
For a bullish set-up to emerge, the price must form a higher-highs and lower-lows structure above the level of 24250. After that, if the price gives a breakout above level 24375 and sustains, then the probable bullish targets would be - 24500 and 24625.
(2) BEARISH SCENARIO:
For a bearish set-up to emerge, the price must form a lower-lows and lower highs structure below the level of 23875. After that, if the price gives a breakdown below the level 23750 and sustains, then the probable bearish targets would be - 23625 and 23500. If the price further breaks down below the level 23500, then there might be a freefall till the level 23125.
(3) Establish intraday bias with respect to the opening price.
(4) No Trading Zone (NTZ): (24250 - 23875).
(5) Range of Consolidation (ROC): (24375 - 23750).
Trading in this zone would be very difficult. We have to wait for either a breakout or a breakdown from this zone. Trading within this range should be swift and scalping-type.
(6) Event: No high-impact event. However, there is a NIFTY 50 weekly expiry (Tuesday). Thus, expect a price anomaly. Lastly, geopolitical issues and Trump Tantrums are always there. Anything can happen.
(7) All the analyses would fail in the case of a major gap up, gap down, and price structure anomaly. Thus, practice PRAGMATISM in the live session.
Top-Down Analysis:
(1) Monthly TF:
This is the first day of the month. A green doji is formed above the green spinning top of the previous month. Very strong resistance 24375. Strong support 23750. The view is indecision.
(2) Weekly TF:
Back-2-back 2 weeks are doji (indecision) candles. For five weeks, the Nifty 50 has been struggling in the same range. There is no trend. Very strong resistance 24375. Strong support 23750. The view is indecision.
(3) Daily TF:
The market is in a non-trending range-bound market. For a bullish trend, the price needs to break out above the level 24375. For a bearish trend, the price needs to break down below the level 23750. The view is indecision.
(4) 30-minute TF:
The market is in a non-trending range-bound market. For a bullish trend, the price needs to break out above the level 24375. For a bearish trend, the price needs to break down below the level 23750. The view is indecision.
NOTE:
(i) Trade only if there is a set-up. Remember, not trading is an extension of the trading activity. Always PRACTICE RISK MANAGEMENT. Always PROTECT your CAPITAL. BE RESPONSIBLE.
(ii) Mark your points. Trade your points. Price is GOD. Plan your trade. Trade your plan. Anything can happen in the markets. Therefore, trade what you see, not what you believe.
(iii) Be Strategic. Be Courageous. Be Patient. Be Wise.
(iv) Every day is a new day. Thus, do not carry the baggage of the past successes or failures. Always trade from a new perspective. Believe in Possibilities.
Happy Trading!
(1) BULLISH SCENARIO:
For a bullish set-up to emerge, the price must form a higher-highs and lower-lows structure above the level of 24250. After that, if the price gives a breakout above level 24375 and sustains, then the probable bullish targets would be - 24500 and 24625.
(2) BEARISH SCENARIO:
For a bearish set-up to emerge, the price must form a lower-lows and lower highs structure below the level of 23875. After that, if the price gives a breakdown below the level 23750 and sustains, then the probable bearish targets would be - 23625 and 23500. If the price further breaks down below the level 23500, then there might be a freefall till the level 23125.
(3) Establish intraday bias with respect to the opening price.
(4) No Trading Zone (NTZ): (24250 - 23875).
(5) Range of Consolidation (ROC): (24375 - 23750).
Trading in this zone would be very difficult. We have to wait for either a breakout or a breakdown from this zone. Trading within this range should be swift and scalping-type.
(6) Event: No high-impact event. However, there is a NIFTY 50 weekly expiry (Tuesday). Thus, expect a price anomaly. Lastly, geopolitical issues and Trump Tantrums are always there. Anything can happen.
(7) All the analyses would fail in the case of a major gap up, gap down, and price structure anomaly. Thus, practice PRAGMATISM in the live session.
Top-Down Analysis:
(1) Monthly TF:
This is the first day of the month. A green doji is formed above the green spinning top of the previous month. Very strong resistance 24375. Strong support 23750. The view is indecision.
(2) Weekly TF:
Back-2-back 2 weeks are doji (indecision) candles. For five weeks, the Nifty 50 has been struggling in the same range. There is no trend. Very strong resistance 24375. Strong support 23750. The view is indecision.
(3) Daily TF:
The market is in a non-trending range-bound market. For a bullish trend, the price needs to break out above the level 24375. For a bearish trend, the price needs to break down below the level 23750. The view is indecision.
(4) 30-minute TF:
The market is in a non-trending range-bound market. For a bullish trend, the price needs to break out above the level 24375. For a bearish trend, the price needs to break down below the level 23750. The view is indecision.
NOTE:
(i) Trade only if there is a set-up. Remember, not trading is an extension of the trading activity. Always PRACTICE RISK MANAGEMENT. Always PROTECT your CAPITAL. BE RESPONSIBLE.
(ii) Mark your points. Trade your points. Price is GOD. Plan your trade. Trade your plan. Anything can happen in the markets. Therefore, trade what you see, not what you believe.
(iii) Be Strategic. Be Courageous. Be Patient. Be Wise.
(iv) Every day is a new day. Thus, do not carry the baggage of the past successes or failures. Always trade from a new perspective. Believe in Possibilities.
Happy Trading!
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.