Trading Plan for Thursday, March 28th, 2024
Trading Plan for Thursday, March 28th, 2024
Market Sentiment: Cautious
Weekly Volatility Risk: High
Supports to Watch:
Immediate Supports: 5307, 5302, 5296-5299 (major), 5293, 5288 (major), 5284, 5280, 5274 (major), 5268-70 (major), 5265, 5258 (major), 5245-47 (major), 5240, 5235 (major), 5230, 5217, 5213-16 (major), 5208 (major), 5203, 5190-93 (major), 5178-76 (major), 5171, 5165 (major), 5155-58 (major), 5147, 5143, 5136, 5123-26 (major).
Resistances to Monitor:
Key Resistances: 5311, 5316 (major), 5320, 5326, 5336, 5342 (major), 5346, 5351 (major), 5360, 5364, 5372 (major), 5380-83 (major), 5388, 5395, 5403 (major), 5413, 5425-30 (major), 5445 (major)
Trading Strategy:
Price Discovery: After a strong surge, the market is in price discovery mode. Prioritize patience and focus on reacting to price action rather than predicting.
Long Opportunities: Exercise caution with after-hours long entries: prioritize profit preservation on your existing long runner. Consider bids at 5296-5299 for a backtest, or, for additional confirmation, wait for the 5274-70 zone to be tested and reclaimed. Below that, only the major levels are of interest for longs.
Short Opportunities: Counter-trend shorting on strength after a strong move carries significant risk. Use extreme caution if considering shorts near major resistances. Watch for signs of a breakdown or retracement for better risk/reward entries.
Focus on Reactions: Don't force trades, be patient, and react to price action.
Bull Case
Support Holds: As long as supports like 5299-96 and the crucial 5274-70 zone hold, bulls maintain short-term control.
Breakout Continuation: A decisive hold and test of 5299-96 could lead to a surge towards 5316, 5320, 5326, with 5342 as the first major target.
Bear Case
Breakdown Signals: Breakdown below 5267-70 could trigger selling pressure. Watch for shorting opportunities on failed breakdowns or bounces. Exercise patience as these setups often involve traps.
News: Top Stories for March 28th, 2024
U.S. Economy Outlook: Analysts provide insights on the U.S. economy's resilience, potential for soft landing, and the Fed's possible rate adjustments in late 2024.
Stock Market Performance: The S&P 500's recent gains, fueled by strong corporate earnings and optimistic investor sentiment.
Global Economic Updates: Updates on the economic conditions of the Eurozone, the U.K., and emerging markets, including growth projections from Vanguard.
Corporate Earnings Updates: Focus on financial results and guidance from companies like Sharecare, Janover Inc., and Medigene AG.
Stock Market Trends: Wall Street's positive reaction to the Fed's recent dovish comments and expectations for continued market gains. Review Indian equity market performance.
F&O Ban List: Securities facing F&O ban and their potential impact on trading activity.
Market Forecasts: Analyze market sentiment, gold and Bitcoin price trends, and potential cybersecurity investments.
Remember: The market is undergoing price discovery. Be adaptable, manage risk, prioritize capital preservation, and always prioritize reacting to price action over any predictions.
Market Sentiment: Cautious
Weekly Volatility Risk: High
Supports to Watch:
Immediate Supports: 5307, 5302, 5296-5299 (major), 5293, 5288 (major), 5284, 5280, 5274 (major), 5268-70 (major), 5265, 5258 (major), 5245-47 (major), 5240, 5235 (major), 5230, 5217, 5213-16 (major), 5208 (major), 5203, 5190-93 (major), 5178-76 (major), 5171, 5165 (major), 5155-58 (major), 5147, 5143, 5136, 5123-26 (major).
Resistances to Monitor:
Key Resistances: 5311, 5316 (major), 5320, 5326, 5336, 5342 (major), 5346, 5351 (major), 5360, 5364, 5372 (major), 5380-83 (major), 5388, 5395, 5403 (major), 5413, 5425-30 (major), 5445 (major)
Trading Strategy:
Price Discovery: After a strong surge, the market is in price discovery mode. Prioritize patience and focus on reacting to price action rather than predicting.
Long Opportunities: Exercise caution with after-hours long entries: prioritize profit preservation on your existing long runner. Consider bids at 5296-5299 for a backtest, or, for additional confirmation, wait for the 5274-70 zone to be tested and reclaimed. Below that, only the major levels are of interest for longs.
Short Opportunities: Counter-trend shorting on strength after a strong move carries significant risk. Use extreme caution if considering shorts near major resistances. Watch for signs of a breakdown or retracement for better risk/reward entries.
Focus on Reactions: Don't force trades, be patient, and react to price action.
Bull Case
Support Holds: As long as supports like 5299-96 and the crucial 5274-70 zone hold, bulls maintain short-term control.
Breakout Continuation: A decisive hold and test of 5299-96 could lead to a surge towards 5316, 5320, 5326, with 5342 as the first major target.
Bear Case
Breakdown Signals: Breakdown below 5267-70 could trigger selling pressure. Watch for shorting opportunities on failed breakdowns or bounces. Exercise patience as these setups often involve traps.
News: Top Stories for March 28th, 2024
U.S. Economy Outlook: Analysts provide insights on the U.S. economy's resilience, potential for soft landing, and the Fed's possible rate adjustments in late 2024.
Stock Market Performance: The S&P 500's recent gains, fueled by strong corporate earnings and optimistic investor sentiment.
Global Economic Updates: Updates on the economic conditions of the Eurozone, the U.K., and emerging markets, including growth projections from Vanguard.
Corporate Earnings Updates: Focus on financial results and guidance from companies like Sharecare, Janover Inc., and Medigene AG.
Stock Market Trends: Wall Street's positive reaction to the Fed's recent dovish comments and expectations for continued market gains. Review Indian equity market performance.
F&O Ban List: Securities facing F&O ban and their potential impact on trading activity.
Market Forecasts: Analyze market sentiment, gold and Bitcoin price trends, and potential cybersecurity investments.
Remember: The market is undergoing price discovery. Be adaptable, manage risk, prioritize capital preservation, and always prioritize reacting to price action over any predictions.
