BANK NIFTY 12JAN LEVELS
11Jan summary
1. BankNifty Positive close as predicted for bullish close after testing 38500 level as predicated yesterday
2. Trendline drawn yesterday nicely respected (refer10Jan chart)
3. Strategy proposed was to buy at 38027 level if price comes down and it exactly gave bullish reversal at 38036
4. when sgx nifty was in red in pre open and opening first hour most would have expected market to go further down to 38900 level but BN gave a reversal.
5. Both FII and DII did buying. FII 111.91 and DII 378.74 Cr
12 Jan plan
1. Market may take a small breather here and consolidate between 38250-38300 support and 38500 resistance levels and if it breaks next resistance for 12jan at 38574
2. Sideways play expected so one can check the price action at marked levels please on 15 minute candle closing and then move to 5 minute time frame
3. Nifty is looking good showing upmove to 18100-18150. At 18190 sell off expected
Todays tip- especially in options , direction of market confirmation is God. even if I see red on screen I hold if higher time frame is giving me confirmation on my side of trade. And always move to higher time frames to confirm this , when in doubt. HTF 15,30 and 1 hour
1. BankNifty Positive close as predicted for bullish close after testing 38500 level as predicated yesterday
2. Trendline drawn yesterday nicely respected (refer10Jan chart)
3. Strategy proposed was to buy at 38027 level if price comes down and it exactly gave bullish reversal at 38036
4. when sgx nifty was in red in pre open and opening first hour most would have expected market to go further down to 38900 level but BN gave a reversal.
5. Both FII and DII did buying. FII 111.91 and DII 378.74 Cr
12 Jan plan
1. Market may take a small breather here and consolidate between 38250-38300 support and 38500 resistance levels and if it breaks next resistance for 12jan at 38574
2. Sideways play expected so one can check the price action at marked levels please on 15 minute candle closing and then move to 5 minute time frame
3. Nifty is looking good showing upmove to 18100-18150. At 18190 sell off expected
Todays tip- especially in options , direction of market confirmation is God. even if I see red on screen I hold if higher time frame is giving me confirmation on my side of trade. And always move to higher time frames to confirm this , when in doubt. HTF 15,30 and 1 hour
Feragatname
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