The setup is fairly simple.
After a prolonged period of downside movement, I’m expecting a short-covering bounce in Nifty.
My upside target is around 22,965.
However, the key level to watch is 22,600.
For the trade to become convincing, Nifty needs to break and sustain above 22,600 with strong volume. A breakout without volume would not be enough confirmation.
I also want to see Bank Nifty supporting the move, along with favourable global market cues.
So, the setup is:
22,600 breakout + Volume + Bank Nifty confirmation + Supportive global markets = Bullish setup
Target: 22,965
The idea is not to chase the move blindly, but to wait for confirmation that the short-covering rally is actually gaining strength.
After a prolonged period of downside movement, I’m expecting a short-covering bounce in Nifty.
My upside target is around 22,965.
However, the key level to watch is 22,600.
For the trade to become convincing, Nifty needs to break and sustain above 22,600 with strong volume. A breakout without volume would not be enough confirmation.
I also want to see Bank Nifty supporting the move, along with favourable global market cues.
So, the setup is:
22,600 breakout + Volume + Bank Nifty confirmation + Supportive global markets = Bullish setup
Target: 22,965
The idea is not to chase the move blindly, but to wait for confirmation that the short-covering rally is actually gaining strength.
Penafian
Maklumat dan penerbitan adalah tidak bertujuan, dan tidak membentuk, nasihat atau cadangan kewangan, pelaburan, dagangan atau jenis lain yang diberikan atau disahkan oleh TradingView. Baca lebih dalam Terma Penggunaan.
Penafian
Maklumat dan penerbitan adalah tidak bertujuan, dan tidak membentuk, nasihat atau cadangan kewangan, pelaburan, dagangan atau jenis lain yang diberikan atau disahkan oleh TradingView. Baca lebih dalam Terma Penggunaan.