BANK NIFTY 10JAN LEVELS
Friday, 7Jan, BN opened exactly at 37600 level, as published on Thursday and if it opened here the call was Buy. The 1st resistance level was 37861, apology for not plotting a green line above to indicate if it broke the 37861 go long for higher target.
Summary 7Jan
1. 38000 resistance level broken and 38100 level tested.
2. 37500 strong SUPPORT LEVEL. This was a price reversal area in todays 2nd trading session. You know the challenge is to predict the price reversal in a live market when price is falling atleast in my case. You sometimes go with a bias to buy but price continues to fall :). I am sure many of you are more seasoned and smart to take the right judgement. But My rule is to wait for a confirmation on a 15minute candle in confluence with strong support level/ zone. There are some trade confirmations like Nifty also showing reversal. And from here it gained almost 250 points after 2 small pull backs.
Monday 10Jan level
1. Interesting one- FII bought + 496 cr while DII sell -115 . FII put writing on Index options which is bulling indication
2. Monday trading day is a very narrow CPR day. Narrow CPR is considered a trending day. Once CPR is broken with a big candle the direction move can be seen.
On upside break above 37800. But if it breaks the trendline below then bearish downmove.
3. Price closing is at a bullish EMA cross - Bullish bias supported by bullish up trendline. Refer trendline plotted
4. Levels are marked. Red resistance and green to go long if red line resistance is broken
Note- anything can happen between weekend with news so best wait for Monday morning and see how the price opens and behave on chart. I worship the technicals unless something hits you as bad as Covid of 2020 or 9/11 twintower hit.
I always realised, FII and big players know the retail trader sentiments and surprise you and beat our moves. HAPPY WEEKEND!
Summary 7Jan
1. 38000 resistance level broken and 38100 level tested.
2. 37500 strong SUPPORT LEVEL. This was a price reversal area in todays 2nd trading session. You know the challenge is to predict the price reversal in a live market when price is falling atleast in my case. You sometimes go with a bias to buy but price continues to fall :). I am sure many of you are more seasoned and smart to take the right judgement. But My rule is to wait for a confirmation on a 15minute candle in confluence with strong support level/ zone. There are some trade confirmations like Nifty also showing reversal. And from here it gained almost 250 points after 2 small pull backs.
Monday 10Jan level
1. Interesting one- FII bought + 496 cr while DII sell -115 . FII put writing on Index options which is bulling indication
2. Monday trading day is a very narrow CPR day. Narrow CPR is considered a trending day. Once CPR is broken with a big candle the direction move can be seen.
On upside break above 37800. But if it breaks the trendline below then bearish downmove.
3. Price closing is at a bullish EMA cross - Bullish bias supported by bullish up trendline. Refer trendline plotted
4. Levels are marked. Red resistance and green to go long if red line resistance is broken
Note- anything can happen between weekend with news so best wait for Monday morning and see how the price opens and behave on chart. I worship the technicals unless something hits you as bad as Covid of 2020 or 9/11 twintower hit.
I always realised, FII and big players know the retail trader sentiments and surprise you and beat our moves. HAPPY WEEKEND!
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