Happy Morning 😃

I am mildly bearish on #NIFTY until it trades below 10845.

However open auction and auction at 10806 level is extremely crucial for the day.

I am expecting today’s open below 10845.
Price acceptance below 11806 can add more shorts in the system.

10806, 10845 and 10900 levels are crucial for the day.

#NIFTY ANALYSIS:

It was a clear balance day and the main thing to notice here this balanced auction took place below 10900, which is a sign of acceptance and we can also witness a gap down of around 80 points in #NIFTY that shows a clear follow-through of the balance. However, it’s opening near crucial support level that is 10806 and auction at this level is important for the day. If price accepts below this level another free fall can be expected.

Odds of Open or open test drive is also quite high…

#BANKNIFTY ANALYSIS:

Compared to #NIFTY, conviction level of bears is quite high in #BANKNIFTY  and I am also bearish on #BANKNIFTY until it trades below 27950.

27510 is the significant level for #BANKNIFTY today.

27510, 27675 and 27950 levels are crucial for the day.

TRADE PLAN :

#NIFTY: I don’t have any plan for the open trade, I will monitor the auction at 10806 and take decisions based on new info.

#BANKNIFTY: I do have an open trade plan here, I will plan my targets based on the open range development.

Note: Volatility is shooting up significantly and this is when the big money is made. Position sizing and Risk handling are the keys.
60-80 points gap down and continuation of that gap is common in this kind of markets.

MARKET PROFILE VALUES:

NIFTY

VAH— 10900

POC— 10870

VAL— 10840

BANK NIFTY

VAH— 27855

POC— 27765

VAL— 27585

Flexibility and patience are the keys in today’s trading session.

(Above information is my view of looking the markets and
there is nothing called Right or wrong in these dynamic markets,
Respect the risk, manage the money and plan your trades then approach with discipline)

Happy trading 🙂

 

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