If the Index opens flat to gap up as long as the index sustains below 49975 we will look for trend continuation trades. 49760-49783 zone can act as a resistance. We should be bullish if the index sustains above 50000 level or if the index is at 49085-49036 zone. 49295 can act as another support. if the index opens gap down we can still look for sell side trades...
As predicted I was able to grab the upside trade in a bearish market where 99% of the people were taking short positions. I have booked my target near resistance around 50000 spot level. As the index was falling and creating lower lows i had to wait for the change of character and adjust my trading plan accordingly. That's how following your trading plan is a must...
Chance of an upside probability in bank nifty if it sustains at around 49850 level as there are chances of short covering in the 2nd half. As long as it sustains at the current level we will avoid taking any upside trade.
