As we have seen our indexes were trading zic-zac. The market picture is changing in the first half, middle, and a second-half session. Most of the time intraday traders were getting hunt and investor plus positional traders are waiting for market bottom out. No one knows the clear picture of the market, the reason behind is that our Finance Minister’s statements, Trump’s Twitts, and FIIs-DIIs buying-selling, etc. One day Nifty lead or fall and next day BankNifty take charge. Let’s consider the Nifty made the bottom around 10750 and will give a fresh rally.
Technical Overview of Nifty: If you have gone through our last article on Nifty-BankNifty then your view will clear i.e. still Nifty is trading in our mentioned range. We have caught Nifty on 15th August when Bullish Harami has made on the daily chart. After that index has made two tops and given confirmation of Triple Top. In the last week, Nifty came down and made Triple Bottom around 10750. Now Nifty is trading between range, we are waiting for Breakout to Top or Breakdown to Bottom. Once will get clear direction then we will enter into the market.
As per our view, currently Nifty is trading at the center of the channel. If you are risker then you can trade between the channel with small stop-losses and targets. However, your entry point should be near support or resistance with chart pattern confirmation.
Technical Overview of Bank Nifty: In our last article, Nifty and BankNifty has given the same signal on the daily chart. On 22nd August BankNifty has broken the channel and closed below support. After that, it has started to trade between below range. In last week BankNifty has made Double Bottom near support and given small bounce.
Our view is the same for the bank index, we will wait for confirmation near the upper or lower side. Also, riskers can go for a range trade.
Our view is the same for the bank index, we will wait for confirmation near the upper or lower side. Also, riskers can go for a range trade.
We are not providing Entry and Exit points for both indexes because it is better to avoid trading in a volatile market.
Trade less, trade perfect.
Trade less, trade perfect.
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Disclaimer: The contents produced here are purely for educational purpose. They should not be construed as buy/sell recommendations. I am not a SEBI registered Analyst or Investment Advisor. Readers are advised to consult their Investment advisor before taking any decisions based on the above write-up.
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