Nifty-50
Last Week Nifty did breakdown below strong support of 11370-11400 and closed at 11050. And for coming week small bounce back is expected in the range of 11200-11300 and from that range market may start falling and continue its downtrend rally towards 10700-10500. Last week price action clearly indicates that there is change in market trend from bullish to bearish. As long as sustain below 11350-11400 it will be remain negative.
Daily Chart of Nifty-50:-
As per weekly chart Nifty fail to sustain above long term trendline and shown reversal exact from that line. Since last 3 to 4 week market struggle to sustain above but finally bears won the game and took control over the bulls. Hence, on a weekly basis also market fail to show positive sign for fresh rally. Follow sell on rise trading strategy for coming week.
Option Chain Analysis of Nifty for Expiry of 01-10-2020:-
India VIX:-
How To Trade in Nifty for Tomorrow:-
One Can Buy Nifty in range of 10965-11020 with Stop Loss at 10915 for Target of 11123-11200.
One can Short Nifty below 10915 with Stop Loss at 10970 for Target of 10850-10800.
(Probability of Buy entry is 70% and Short Entry is 30%)
Bank Nifty:-
Bank Nifty continuously showing downtrend on daily chart and weekly chart. Majority of Banking Stocks are showing downtrend. With downtrend in Banking Sector Nifty is also facing resistance and showing signal of downtrend. If Bank Nifty starts showing positive price action above 21500 then we may see some upward rally towards 22000 and below 20500 we may see downside rally towards 20000.
Daily Chart of Bank Nifty:-
On a Weekly chart Bank Nifty at very very critical level of 20500. There is support of weekly trendline at 20500-20400. Hence, Bank Nifty has to sustain above 20500-20400 for any upside, otherwise we may see level of 19000-16000 in coming session. Not immediately but in coming 5-6 week.
Option Chain Analysis of Bank Nifty for Expiry of 01-10-2020:-
One can Buy Bank Nifty in the range of 20750-20850 with Stop Loss at 20600 for Target of 21200.
One Can short Bank Nifty below 20600 with Stop Loss at 20750 for target of 20300-20200.
(Probability of Short Entry is 30% and Buy Entry is 70%)
Some of my learning Post if you have not yet visited then please visit now.
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Secrets of Option Trading (Hero & Hero, No to Zero)
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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