NSE:NIFTY   Nifty 50 Index

Since the end of January 2021 nifty was in uptrend and after in late mid February ; Nifty turned sideways. Recent up move showing positive market structure with "higher high"(HH) and "higher low"(HL) pivots . But these pivots are overlapping ;suggesting me to be cautious to take long position in nifty . But I still keep my bullish stance in Nifty .

Supporting Structure / Pattern /technical events :
# Impulse(motive cycle) + Double 3(corrective cycle);
# Confluence of 3 technical events suggesting a reasonable case for support in that zone where clearly mentioned in the chart.

Trading Plan:
For day traders >>
One can keep trading on the positive side as long as nifty continue to make HL-HH-HL structure till nifty continues its journey towards "KEY RESISTANCE" OR "DEMAND ZONE". But wait for breakout beyond "key resistance" to continue to trade on the positive side once nifty reaches that level.

For positional traders >>
As key invalidation point is much lower than the current price risk reward is not good at the present situation to take a long position .Even recent wave structure is not that supporting for positional opportunity. So better to go for long position as near as possible to key invalidation point if market continues its corrective cycle towards key invalidation point. One can use any confirmation methods(price action/indicator setup) to take an entry.

If nifty continues to move higher...wait for pullback after breaking above "wave x " for a low risk entry....where risk reward will be mouth watering...😍

Exit Strategy >> exit @ or near or in the target zone as shown in the chart.

Disclaimer: All the above views are being shared with the intention of sharing knowledge. Before acting on the views it is suggested to act as per one's risk appetite. Never risk more than 2% of one's capital.

Comment: >>correction under the head "for day traders"
>>request to replace the word "Demand" with "supply"
Trade active: FOLLOW UP:
Comment: As told earlier up move was not convincing to take long position...
Till key invalidation point is not taken out...I shall continue to hold positive stance in nifty...
Trading plan should have worked out ...as told... only for day traders.
Will update about positional trade opportunity when time is ripe...
Comment: I thank all of u for giving your time to go through my analysis...I shall try to add even better analysis...which will serve both knowledge seekers and traders...
Good luck 🙂


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