Nifty-50
Last Week we have seen range bound trading in Nifty with trading range of 11380-11620 and closed at 11504. On a weekly chart Nifty is facing resistance around 11600 and struggling near long term trend line. And for coming session if nifty start trading below 11380 we may see downside rally towards 11200-11100. And for fresh up side Nifty has to give decisive closing above 11600.
Daily Chart of Nifty-50:-
As per weekly chart Nifty is facing perfect resistance at Long Term Trend Line. And therefore market is taking time in this zone. If Nifty fail to sustain above 11500 then we may see downside rally and above 11550-11600 we may see breakout above trendline and fresh rally may start from here.
Option Chain Analysis of Nifty for Expiry of 17-09-2020:-
India VIX:-
How To Trade in Nifty for Tomorrow:-
One Can short in the Range of 11520-11500 with Stop Loss at 11600 for Target of 11450-11400.
Fresh short entry can be Initiated below 11450 with Stop Loss of 11500 for Target of 11400-11350.
One cay Buy above 11600 only With Stop Loss of 11550 for Target of 11650-11675.
(Probability of Buy entry is 30% and Short Entry is 70%)
Bank Nifty:-
Bank Nifty continuously showing downtrend on daily chart and weekly chart. Majority of Banking Stocks are showing downtrend and therefore it's look like there may be some bad news awaited. With downtrend in Banking Sector Nifty is also facing resistance and showing signal of downtrend. If Bank Nifty starts showing positive price action above 22500 then we may see some upward rally towards 23000 and below 22000 we may see downside rally towards 21500-21000.
Daily Chart of Bank Nifty:-
On a Weekly chart also there is no much difference in Trading range, the same trading range can be expected for coming week that is between 23000 to 21000. And if remain between 22000-22500 then we may see expiry between this range only.
Option Chain Analysis of Bank Nifty for Expiry of 17-09-2020:-
One can short between 22100-22000 range with Stop Loss of 22200 for Target of 21700-21800.
One can buy above 22450 with Stop Loss of 22300 for Target of 22500-22600-22700.
Fresh Short can be Initiate below 22000 with Stop Loss at 22100 for Target of 22800-22600.
(Probability of Short Entry is 80% and Buy Entry is 20%)
Some of my learning Post if you have not yet visited then please visit now.
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How to do the "Price Action Analysis "of Stock/Commodity for Trading ?
(Disclaimers:- Above is my personal view on market for Next Week. It is neither Paid service nor tip. Just for educational purpose only. Take your own decision before any trade).
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