#banknifty analysis for 7th May:-
The market is moving in a tight range for the last two days, we might start a decisive move from here. We have two scenarios here, an inverted flag pattern showing downside till 31,500 and EW analysis showing an upside target of approx 35,000.
So the best wave to trade is to take trade in the direction of the breakout.
Decision Zone:- 32,730 - 32,895
Resistance Zone:- 33,247 / 33,456 / 33,644 / 33,957
Support Zone :- 32,604 / 32,346 / 32,147 / 31,888
SL for positional long 31,565
Supporting view:-
One of the best forms of PA action is not to predict but to act on the price, chart tells you where, when & how to act on price. Wait for the decision points on the chart to act else don't trade.
E.g. One of the important DP is the weekly low, if the weekly low is broken, then only you will short else you won't.
John Maynard Keynes said, “the markets can remain irrational longer than you can remain solvent.” So be cautious and flexible as market conditions evolve.
Always trade what you see, never trade what you feel. Make this a habit, you won't be requiring any seminar, webinar, or mentor, you will be self-sufficient.
Regards,
SG
The market is moving in a tight range for the last two days, we might start a decisive move from here. We have two scenarios here, an inverted flag pattern showing downside till 31,500 and EW analysis showing an upside target of approx 35,000.
So the best wave to trade is to take trade in the direction of the breakout.
Decision Zone:- 32,730 - 32,895
Resistance Zone:- 33,247 / 33,456 / 33,644 / 33,957
Support Zone :- 32,604 / 32,346 / 32,147 / 31,888
SL for positional long 31,565
Supporting view:-
One of the best forms of PA action is not to predict but to act on the price, chart tells you where, when & how to act on price. Wait for the decision points on the chart to act else don't trade.
E.g. One of the important DP is the weekly low, if the weekly low is broken, then only you will short else you won't.
John Maynard Keynes said, “the markets can remain irrational longer than you can remain solvent.” So be cautious and flexible as market conditions evolve.
Always trade what you see, never trade what you feel. Make this a habit, you won't be requiring any seminar, webinar, or mentor, you will be self-sufficient.
Regards,
SG
