#banknifty view for 2nd Aug to 6th Aug'21
Updated
#banknifty view for 2nd Aug to 6th Aug'21
Deleted everything from the chart and started fresh for the new month, the view is neutral to bullish, the market in time correction/consolidation, the significant move can be seen after the range breaks.
The view will be changed to bearish below 33,700 only, but don't want to miss out on the next big upmove.
Moving Average Anaylyis:-Overall in sell mode.
Period Simple
MA5 34711.18 Sell
MA10 34851.40 Sell
MA20 35134.03 Sell
MA50 35061.47 Sell
MA100 34167.60 Buy (33,700 to 33,900 area will continue to work as support)
MA200 32333.01 Buy
The majority of pivot points hovers around 34,650
What's on the chart?
The uptrend started from mid of April has been broken on the downside, the price might try to enter the trend again and will continue to in the consolidation zone (33,908 to 35,985) which we are in for the last 2 months.
Pattern Analysis:- Falling Wedge, which indicates an Up move.
Bit confused? You will be, because there is no trend in the market right now, as more time correction is in progress.
Now how to trade? 34,830-34,919 will be your decision zone, falling wedge indicates upmove, better be in buy-in dips mode until there is the breakdown.
A significant breakdown below 33,700 only
Next view, if the range breaks.
E.g. One of the important DP is the weekly low, if the weekly low is broken, then only you will be short else you won't.
John Maynard Keynes said, “the markets can remain irrational longer than you can remain solvent.” So be cautious and flexible as market conditions evolve.
Always trade what you see, never trade what you feel. Make this a habit, you won't be requiring any seminar, webinar, or mentor, you will be self-sufficient.
Regards,
SG.
Deleted everything from the chart and started fresh for the new month, the view is neutral to bullish, the market in time correction/consolidation, the significant move can be seen after the range breaks.
The view will be changed to bearish below 33,700 only, but don't want to miss out on the next big upmove.
Moving Average Anaylyis:-Overall in sell mode.
Period Simple
MA5 34711.18 Sell
MA10 34851.40 Sell
MA20 35134.03 Sell
MA50 35061.47 Sell
MA100 34167.60 Buy (33,700 to 33,900 area will continue to work as support)
MA200 32333.01 Buy
The majority of pivot points hovers around 34,650
What's on the chart?
The uptrend started from mid of April has been broken on the downside, the price might try to enter the trend again and will continue to in the consolidation zone (33,908 to 35,985) which we are in for the last 2 months.
Pattern Analysis:- Falling Wedge, which indicates an Up move.
Bit confused? You will be, because there is no trend in the market right now, as more time correction is in progress.
Now how to trade? 34,830-34,919 will be your decision zone, falling wedge indicates upmove, better be in buy-in dips mode until there is the breakdown.
A significant breakdown below 33,700 only
Next view, if the range breaks.
E.g. One of the important DP is the weekly low, if the weekly low is broken, then only you will be short else you won't.
John Maynard Keynes said, “the markets can remain irrational longer than you can remain solvent.” So be cautious and flexible as market conditions evolve.
Always trade what you see, never trade what you feel. Make this a habit, you won't be requiring any seminar, webinar, or mentor, you will be self-sufficient.
Regards,
SG.
Trade closed: target reached
target on upside completed.
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