NIfty50 Analysis for 17 August: Strong Bullstoday (16th August), market opened again at around 19890 level.
After the opening dip, Buyers managed to defend 19360 level and ultimately managed to push the market above 400 and then breaking last days High.
Few key points:
1. opened at same level at last trading session.
2. Made a Higher low.
3. Made HIgher High.
4. Higher Close.
which indicates relatively strong Bull side in the market.
Trade plan for tomorrow, 17th August:
case 1: If market opens in the range of yesterday (16th august), will remain cash.
case 2: if market opens above or breaks 482 and shows strength, will enter a long position: TP1: 560 TP2: 637, SL: 5 min close in yesterday's range.
might face hurdle around trendline. But given the strength, i reckon market will be able to break above.
Case 3: In case market opens or breaks below 19300, will short for immediate target of 19200.
Give this post a like, if you agree with this analysis.
Disclaimer: This is my trading plan and i am just sharing it here. I do not intend to post it here as a trading advice or suggestion. It is shared here only for the sole purpose of sharing and discussing with fellow traders. Do your own due diligence and trade responsibly.
