Nifty & Bank Nifty Technical Overview

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 15^th 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 22^nd 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.

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.

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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.

Are You Full Or Part Time Trader?

Let me guess…

You have a full-time job and you can’t spend hours in front of your screen each day. But at the same time, you don’t want to miss trading opportunities because you can’t monitor the markets.

So the question is…

How can you profit from the markets without being glued to the screen?

Introducing the WOFT method, here’s how it works…

1. What to look for:

Here’s the deal:

There are many different trading strategies out there. Trend continuation, reversal, Support & Resistance, etc. So before you can even “hunt” for trading opportunities, you must first know what to look for.

Kind of looking for a partner in a marriage.

You must know whether you want a Blonde, Asian, or Brunette? How tall does she need to be? How does she have to look like?

You get my point and it’s the same for trading.

2. Own it:

Here’s the deal:

You must own your trading setup. This means you’ll stick with it come high or low (like how you’re faithful to your partner). Because if you’re inconsistent with your actions, guess what?

You get inconsistent results.

So, be committed to your trading strategy and own it.

This means taking a minimum of 100 trades of the same setup before you decide to “throw it away”.

3. Find it

Now, let’s say you want to trade trend continuation setups on the Daily timeframe. So, what you’ll do is find markets which are trending on the Daily timeframe. Once you’ve done it, write down:

-          The setup

-          The market

-          The timeframe

This is important because when the trading week opens, you won’t be like a headless chicken looking for something to trade. You’re prepared like a Spartan and you know what to hunt for.

4. Trade it

So you’ve done your “homework”. All that’s left to do is wait for your trading setup.

I repeat.

-          You wait for your trading setup

-          This means no… “Chasing” the markets

-          Entering trades out of boredom

-          Taking trades outside of your trading plan

You only take trades according to your trading plan (which is what you’ve prepared for) and when the opportunity presents itself, you execute it without hesitation.

So remember the WOFT method:

-          What to look for

-          Own it

-          Find it

-          Trade it

Your trading might never be the same again…

Remember these trading lessons:

# Potential loss is more important than how much you can make.

# No matter how sure you are, things can go wrong.

# Good outcome doesn't mean it's the right choice.

# Bad outcome doesn't mean it's a wrong choice.

# If you risk small, nothing can destroy you.

Telegram: https://t.me/equitygamechanger/

Website: http://money4me.in/services.html

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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