My previous call for the month of June had it's long targets acheived. However, market seems to be taking a breather and the Risk:Reward for Shorts are much more favorable.
I personally don't think that NIFTY will cross 11k this month looking at the condition of the economy.
Good area to initiate a trade. 10300 area is the execution range in the yellow box.
Technically I would prefer taking a swing trade for target Expiry on 25th.
On the short side, a good opportunity with minimal SL :-
Enter around 10300 intraday at open with STRICT SL 10360, upon hitting which i will switch to the Long side for a Swing trade.
The target for shorts...
Trade box in yellow
Area to initiate trade is 10300 levels.
For the short side i will initiate intraday trade at open, hoping to ride the profit booking wave with IMMEDIATE SL 10350. Upon breaching that i will switch to the long side for TARGET 10800 by expiry, which is improbable but possible with positive news and fund flow.
Please note that taking trades near...
Market will likely open green and BankNifty will like touch 21k levels in early trade. Either it goes up and protects it's solid gains,
or likely follow this short trade for a Smart opportunity.
Will update when order is executed!
Have to be patient.
Either it goes down to test the Rising Channel and take support from there. In such situation i plan on adding longs with SL at the low of this consolidation.
Other scenario calls for extreme bullish movement. If it does not fall to test the channel at all, and directly breaches the swing high then we can expect a breakout and good rally to get...
Short at 317-319
However, this pattern could also prove out to be a bull flag breakout, wherein if our stop loss is hit, a long position can be taken.
Prevailing view is to sell, but trading against the trend also gives us a chance for a massive buying rally if the 310 zone is established as DZ.
INSIDE BAR opportunity
Long at 226.15
Short at 221.50
SL mentioned, target open. Seems like it is going toward the long side as it is at a good demand zone.
However, more days of NIFTY shedding down will likely result in breaking this support as well.
Extremely volatile movement in the past months.
Stock is at All time highs and Redistribution has been noticed. 500 is a major resistance with heavy selling pressure.
Short with a Target of 2%, Stop loss of 1%.
Clean 1:2 Risk Reward trade
Intraday preferably since it is a small move