Before analyzing of NIFTY for coming week, let us assimilate what we said earlier;
In our previous weekly wrap we observed, "As of now, buy the dips and sell the rise should be strategy for trade in NIFTY until it gives clear breakout in either side. Please keep watching this space for trading levels in Opening Bell."
In our yesterday's EOD post we said "Selling pressure may be seen tomorrow also"; and in our Opening Bell we observed, "There is bearish flag in 30 min chart. So, short will be the safe strategy for the day".
In this week NIFTY has given both-side opportunity to trade according to NP-SAR and today's sell-off was highest in the week.
Now, what should we expect from next week?
Last week we observed developing Negative Divergence and there is more chance of fall in coming week also with some pause.
Gravestone Doji is formed in weekly candle which indicates dominance of seller at higher level.
NIFTY closed just at the red line, there may be some possibilities to bounce from there. So, there may be some ST corrections in NIFTY which should be used for sell with 5930 as closing SL. As per current Option OI situation lower level is capped at 5800 although it may change with time.
Bottomline: Next week, sell the rise should be the strategy for trading in NIFTY. For trading we must follow developing ST situation also for more profitable trades.
We discuss developing EOD trades and Intra-day trades in our EOD posts and Opening Bell.
Keep in touch.
Wish you happy trading !!
In our previous weekly wrap we observed, "As of now, buy the dips and sell the rise should be strategy for trade in NIFTY until it gives clear breakout in either side. Please keep watching this space for trading levels in Opening Bell."
In our yesterday's EOD post we said "Selling pressure may be seen tomorrow also"; and in our Opening Bell we observed, "There is bearish flag in 30 min chart. So, short will be the safe strategy for the day".
In this week NIFTY has given both-side opportunity to trade according to NP-SAR and today's sell-off was highest in the week.
Now, what should we expect from next week?
Last week we observed developing Negative Divergence and there is more chance of fall in coming week also with some pause.
Gravestone Doji is formed in weekly candle which indicates dominance of seller at higher level.
NIFTY closed just at the red line, there may be some possibilities to bounce from there. So, there may be some ST corrections in NIFTY which should be used for sell with 5930 as closing SL. As per current Option OI situation lower level is capped at 5800 although it may change with time.
Bottomline: Next week, sell the rise should be the strategy for trading in NIFTY. For trading we must follow developing ST situation also for more profitable trades.
We discuss developing EOD trades and Intra-day trades in our EOD posts and Opening Bell.
Keep in touch.
Wish you happy trading !!
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