In the last update TRADE-SETUP was:
Buy 8865 and succesfully price traveled to target at 9834
Profit as per moved 1146 points.
9584 Above, the target is valid 9990.
Short selling Zone broad 9990-10272
The parallel channel connected 2W and 4W with projected to 8731: Resistance detected 10135 nearby
Hi guys, I’ll share levels for today.
Futures level-
Current - 8907
Morning trend decider - 8937
Resistance- 9030
Resistance 2 - 9084
Support - 8879
Support 2 - 8841
Like and follow for updates.
Minor trend-line R 9491 - 9509
The over-consumption has been upper bound of value area, therefore chance to over-consumption at lower bound.
There is no overparticular resistance 9500+.
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339p GAP
This is " Common Gap " price is not going to break support line.
Previous minor resistance at 9405....
NSE:NIFTY is making overlapping moves. Idea is to stay patient and wait for breakout.
From current price action, NIFTY is all set to break out of 9400 tomorrow. I have sold calls, which will be in loss. But considering the market is consolidating, I am willing to take the risk of keeping those calls.
NIFTY is still in the large range of 9050 to 8055. The attempt to breakout of the range is at least stalled.
Made small profit by shorting top of the range.
Nifty Started with 2% selling on Open. Then it formed a range of 8100 and 8160, which was broken on the upside. But this breakout did not hold. Then later this range was broken on the other side below.
Overall, difficult day to day trade.
From the start, there were indications that NIFTY is going to have up day
SGX NIFTY and Asian Markets and DJI all up.
Then the first gap up got sold into. It was fast movement towards support. Idea was to keep buying the breakouts with limiting the risk with OTM Puts.
Nifty initially tried to fill the gap. This attempt was failed.
Then the momentum was reversed on the downside. The 8900 Call was sold at 145 Rs for risk of 2000 Rs.
The call was later covered during the day.
