NIFTY VIEW FOR 01-08-2024
As we can see today Nifty opened slight Gapup and continued its upmove by making higher lows and higher highs, which indicated Bullish Momentum. But Nifty is exactly at Resistance level.
I can Explain this with 3 possible Scenarios.
1. If Nifty opened Flat, i will be very cautious. Nifty should sustain above this resistance zone we are currently observing. If Nifty sustained above this level until 12PM, i can consider this as proper breakout and can take trades accordingly. If Nifty broke the Resistance immediately, i will enter in Short trade Immediately by maintaining proper Risk to Reward with target of nearby Support.
2. If Nifty opened in Gapdown, today's scenario may continue. Resistance zone will act as resistance, We can aim for Support zone as our trade target by placing stoploss above the resistance zone.
3. If market opened Gapup, that will be the new All time high, there will be no resistance in the system until we find one or we may use extended Fibonacci. but i recommend let nifty fall upto the resistance level we are currently observing. because it acts as a new support. we can go Long from there by placing Stoploss below the zone.
As tomorrow is Expiry for Nifty, anything can happen. Following proper Risk to Reward can only make you a successful Trader.
The views i am posting here are Educational purpose only. not a trade Recommendation.
"ACCEPTING STOPLOSS IS THE SMARTNESS"
Happy Trading. Thank you.
I can Explain this with 3 possible Scenarios.
1. If Nifty opened Flat, i will be very cautious. Nifty should sustain above this resistance zone we are currently observing. If Nifty sustained above this level until 12PM, i can consider this as proper breakout and can take trades accordingly. If Nifty broke the Resistance immediately, i will enter in Short trade Immediately by maintaining proper Risk to Reward with target of nearby Support.
2. If Nifty opened in Gapdown, today's scenario may continue. Resistance zone will act as resistance, We can aim for Support zone as our trade target by placing stoploss above the resistance zone.
3. If market opened Gapup, that will be the new All time high, there will be no resistance in the system until we find one or we may use extended Fibonacci. but i recommend let nifty fall upto the resistance level we are currently observing. because it acts as a new support. we can go Long from there by placing Stoploss below the zone.
As tomorrow is Expiry for Nifty, anything can happen. Following proper Risk to Reward can only make you a successful Trader.
The views i am posting here are Educational purpose only. not a trade Recommendation.
"ACCEPTING STOPLOSS IS THE SMARTNESS"
Happy Trading. Thank you.
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