Nifty & Bank Nifty Prediction for Tomorrow 08-09-2020


Today Nifty traded in very low range between 11375-11250 with highly volatile moves and closed at 11355. Currently market is behaving mainly from Option Oriented. No clear cut direction during Intra day moves. In such market chances of Stop Loss is very high. Market may behave like this unless give decisive breakdown or breakout. Majority day traders are being trapped by Big players, the moment you see breakdown and go for shot and immediately in second candle your stop loss will be beaten. That is how market behaving now a days. So be cautious when volatility is high. There is pure index management is going on, you can see when Nifty just started falling below 11300 at the same time Reliance started moving up at 02:45 PM from 2064 to 2105. Can you answer me why?? If you have answer then please let me know in comment box.

Daily Chart of Nifty-50:-

There is no much change in Daily chart. Since last two days it is sustaining between 11400-11300 with both side moves. Only point which is required to be noted is that Nifty is closing below 20 SMA since last two days, which is negative. For tomorrow again Nifty may remain in same range between 11400-11300.

Option Chain Analysis of Nifty for Expiry of 10-09-2020:-

According to Option chain data 11300 is make or break level of index and that we have seen today, how Nifty traded near to 11300. And good support at 11000-11200 with highest put writing. And resistance around 11400-11500 with highest call writing. 

India VIX:-

Volatility Index remain stable at 22 that is above 20 which is negative. However, Put Call ratio 1.23 which indicates that market is neutral. 

How To Trade in Nifty for Tomorrow:-

Considering Today's volatile move, it is assumed that tomorrow market may remain in same range, and that happens then there will be no trade for tomorrow.

In case Nifty sustain below 11300-11270 then one can short below 11270 with Stop Loss of 11300-11330 for target of 11220-11200.

No Buy for Tomorrow.

Bank Nifty:-

Bank Nifty also traded in very volatile moves between 22700-23050 with both side movement and closed at 22945 that is below 23000. Here also market is waiting for clear cut direction. There is tight fighting is going on between bulls and bears and we may see directional move after decisive breakout or breakdown.

Daily Chart of Bank Nifty:-

On a Daily char Bank Nifty is bearish with Lower Low and Lower High chart formation. Hence, each up side will be treated as selling opportunity. According to chart if Bank Nifty fail to sustain above 23500 then we may see further downside towards 22400-22700 zone in coming trading session.

Option Chain Analysis of Bank Nifty for Expiry of 10-09-2020:-

According to Option Chain of Bank Nifty there is support at 22500-23000 range and therefore we are seeing bounce from lower level to 23000. And strong resistance around 23500-24000 zone. Once bank nifty starts trading above 23500 then only we can see short covering rally otherwise below 23000 it may trade in range between 23000-22500.

How To Trade in Bank Nifty for Tomorrow:-

One can short Bank Nifty below 22700 with Stop Loss at 23000 for Target of 22600-22500

No buy trade for tomorrow.

Thank You..

Happy Trading.
"Learn & Earn"...!!

(Disclaimers:- Above is my personal view on market for tomorrow. It is neither Paid service nor tip. Just for educational purpose only. Take your own decision before any trade).


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