It has two major Supply Zones: 1. 1490 2. 1530.
On 15th Jan it broke 1st major supply zone and tested 1530. On 16 Jan broke 2nd major supply zone and tested next major supply zone @ 1580-1595. Yesterday again broke major supply zone and closed above this zone.
Now if it will sustain above 1580-1595 then it may test next supply zone @ 1630-1640-1650.
It's Major Supply zone @ 1318-1320. If it will sustain above this zone then it will break the strong supply zone as well as a breakout of sideways zone.
Today it is on my radar for the long side but I will take a long position when it will sustain above 1823 otherwise I will avoid trading in this stock.
I mentioned my targets and stop loss in the chat.
In last to last week we have caught Head & Shoulder on the daily chart and it is worked well in the last two weeks. In this week bank nifty has traded in a range i.e. 31000 to 30500 and today bank nifty has broken down this range. Bank nifty is closed below its 200 DMA and this is the big negative sign. As per the chart, bank nifty is weaker than nifty.
Please find supply and demand zones in the chart.
From last 2 trading days it is holding 4200 level. Next hurdle @ 4250.For price action it will have to sustain above 4240-4250 supply zone for 15-30 mints.
Aggressive new long position made on Friday.
Keep this on your radar.
Please find the supply and demand zones in the chart.
Negative Data build-up in Nifty.
According to the price action and data build up my trading plan will be as below:-
Plan A: Future Trade: I will short Nifty Future if it will sustain below 12200-12190 zone for the target of 11140-11115.
I will buy Nifty future if it will...
Today as an intraday trade I bought it @ 2331. Booked 50% profit @ 2357 and 50% I am carrying. I will buy again on Monday and hold till my final targets 2410-2420 zone. This will be a positional trade, not intraday.
tgram at swapnilcofficial