BANK NIFTY 17 JAN LEVELS
Summary of 14Jan Trading session
1. Gap down opening and in the 2nd session this gap closed.2. The first session saw a bearish fall and if levels were followed (check my 13Jan study, the level marked at 38400 breakout was given a sell call)- a 38400 PE buy would have given good profits. 3. BN went down and took support at 38000 level where maximum put writing was sitting (put writing means strong support for price. Price made a bullish reversal at 38000 area and picked 400 points upside to close the gap. Same 38400 support that was broken became resistance at close of 14jan session4. FII sold -1598 Cr while DII made a buy of +371. FII also sold Futures closed to 500 Cr. could this be a bear trap to mislead retail investors and prices may go up. 5. I am leaning on bullish reversal as my eyes see some kind of cup and handle formation 6. I also see higher highs and higher lows in the 2nd half of the session.and even if BN closed in red i am having a positive bias in long term
Plan for BN on 17Jan
Bullish to look for Long - buy on dip opportunity since Short term bearish (considering last 15minutes saw some rejection)
1. Support and Resistance levels-38200 support 1 and 38000 strong support 238400 strong resistance level Monday can see volatility and if 38400/500 broken long moves
2. Plan 1/ I will wait for the price to retrace to 38200 -220 area. If price takes support and moves up bullish big moves then i see big reward. Big resistance will be 38700 and 38625
3. Plan 2 / On the contrary if price breaks 38200 i will see weakness and but put only if it breaks 38000 level.
PLEASE TRADE CAUTIOUSLY FOR MONDAY AND SPOT THE MOMENTUM ON CHART IN 1ST 15-20 MINUTES.
Note- Bias should only be secondary. Believe always in the live market story. Big Tip of the day- don't rush to trade. watch for the clues in the live market. Break the trading session into two and spot the big momentum candles and their direction, then combine them with levels. Levels rejected and levels holding well and supporting.
1. Gap down opening and in the 2nd session this gap closed.2. The first session saw a bearish fall and if levels were followed (check my 13Jan study, the level marked at 38400 breakout was given a sell call)- a 38400 PE buy would have given good profits. 3. BN went down and took support at 38000 level where maximum put writing was sitting (put writing means strong support for price. Price made a bullish reversal at 38000 area and picked 400 points upside to close the gap. Same 38400 support that was broken became resistance at close of 14jan session4. FII sold -1598 Cr while DII made a buy of +371. FII also sold Futures closed to 500 Cr. could this be a bear trap to mislead retail investors and prices may go up. 5. I am leaning on bullish reversal as my eyes see some kind of cup and handle formation 6. I also see higher highs and higher lows in the 2nd half of the session.and even if BN closed in red i am having a positive bias in long term
Plan for BN on 17Jan
Bullish to look for Long - buy on dip opportunity since Short term bearish (considering last 15minutes saw some rejection)
1. Support and Resistance levels-38200 support 1 and 38000 strong support 238400 strong resistance level Monday can see volatility and if 38400/500 broken long moves
2. Plan 1/ I will wait for the price to retrace to 38200 -220 area. If price takes support and moves up bullish big moves then i see big reward. Big resistance will be 38700 and 38625
3. Plan 2 / On the contrary if price breaks 38200 i will see weakness and but put only if it breaks 38000 level.
PLEASE TRADE CAUTIOUSLY FOR MONDAY AND SPOT THE MOMENTUM ON CHART IN 1ST 15-20 MINUTES.
Note- Bias should only be secondary. Believe always in the live market story. Big Tip of the day- don't rush to trade. watch for the clues in the live market. Break the trading session into two and spot the big momentum candles and their direction, then combine them with levels. Levels rejected and levels holding well and supporting.
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