A tough series to trade. Except, IT and Mid Caps and Realty, all other sectors are into correction mode. These might keep NIFTY under pressure for some time.
However, we have three references.
1. March Open
2. GAP Fill Level
3. BAT pattern (ABCD infused into it)
Taking contrarian trades at MOB levels will be prudent with the help of Weekly / Daily PIVOTs...
1. Buy above 225 or accumulate within a range of 210-220
2. Weekly Support at 210
3. Just taking Off....
4. Hold for a few months
5. Traders who lost to volatility... can opt to remain in this counter to rejuvenate their account.
Bulls and Bears have equated the game
Now both will play within this candle range for few days.
Bulls had mover 12.5% previously. Means to equate the distance they still have 4% to complete.
Go Long as near as 515 - 520 (SL - 513) or above 538 (SL - 530)
TGT: 560 - 565 - 575
Any weakness around any of the above mentioned upper levels will pave way for going short for TGTs of 505-502 levels.
Asian Paints exhibits a potential H&S in progress.
1,755 & 1,830 being MOB levels for this pattern to hold good.
Three trades on offer :
(1) Long as near as 1,790 (SL 1,775) for 1,830
(2) Short near 1,830 once the exhaustion appears (SL - As minimum as possible) for 1,770 - 1,760 zone
(3) Long again near 1,760 for 1,830 +
Two Harmonic Patterns (HP) are having a confluence. MOB level being 709 and 734.
Price action at around theses level would be the deciding factor.
A contra trade with the least SL with SAR (Stop and reverse) strategy might work, especially at around 709 level.
Having said that, it's a potential Short candidate on every upside spike till 733-735.