A bullish engulfing candle on the daily charts after a gap down opening is showing some positive momentum and there are possibility of market test 22k levels soon.
Today the market remained in a bullish move from the morning and closed above the 20 ema.
After a consolidation there was a good break out and market tested the resistance level of 21850.
If there is a gap up opening above today's high, let market settle and test the break out zone and any bullish price action can be an indication of entering a trade.
In case of a flat or slight gap up/down opening, wait for a consolidation and if the market consolidate in the first half, there will be a trending move in the second half.
Tomorrow is the weekly expiry for the index. VIX has also cooled a bit.
Major resistance level :- 21880, 21960-22000
Support levels :- 21810, 21750.
The market is moving both side and is trading in a wide range. After 3 trading session the market has closed above 21800 levels which is another positive for a bullish move in the market.
Wait for the price action near the levels before entering the trade.
Today the market remained in a bullish move from the morning and closed above the 20 ema.
After a consolidation there was a good break out and market tested the resistance level of 21850.
If there is a gap up opening above today's high, let market settle and test the break out zone and any bullish price action can be an indication of entering a trade.
In case of a flat or slight gap up/down opening, wait for a consolidation and if the market consolidate in the first half, there will be a trending move in the second half.
Tomorrow is the weekly expiry for the index. VIX has also cooled a bit.
Major resistance level :- 21880, 21960-22000
Support levels :- 21810, 21750.
The market is moving both side and is trading in a wide range. After 3 trading session the market has closed above 21800 levels which is another positive for a bullish move in the market.
Wait for the price action near the levels before entering the trade.
Trade active:
Still finding a trade in the index. It has been in a sideways mode.
There are chance of a trending move after consolidation. Wait patiently for a confirmation and price action on a break out/down.
Still finding a trade in the index. It has been in a sideways mode.
There are chance of a trending move after consolidation. Wait patiently for a confirmation and price action on a break out/down.
