Bank Nifty for August 8th
Hi All,
I am sharing my analysis of the market here based on my observations and study, please do your own analysis before taking any trades.
Todays market analysis:
After a GAP UP opening, 37754 acted as a good support, then market tried to consolidate at 37998 level and broke that level also but faced resistance again at 38180, also market is unable to sustain 37998 level also. Hence overall its a Range bound market only. No good trades are possible today.
I observed few Scalping opportunities on a 3 minute time scale with the help of Bollinger Bands, except that no major trading opportunities today.
NOTE: As per todays market, my observation is 37754 to 38180 is a NO TRADING ZONE, market has to break any of these levels to get a good trade, till that time only SCALPING works.
My view for August 8th:
Flat to Gap Up opening: Go long only if market breaks 38180 and sustains above that level, otherwise no TRADES
Gap Down opening: If market breaks 37754 and sustains again it can test 37272 level.
Tip of the Day: TIPS can never make us rich, even if we follow any Channel or Group, first try to understand the logic. My Experience says that Money can be made only with our own analysis.
TRADING IS SIMPLE BUT NOT EASY, IT SHOULD BE SIMPLE
Please post your comments in the comments section so that I will come to know how my analysis is and also can improve it further
Reach out to me on 9989647590 for further updates.
I am sharing my analysis of the market here based on my observations and study, please do your own analysis before taking any trades.
Todays market analysis:
After a GAP UP opening, 37754 acted as a good support, then market tried to consolidate at 37998 level and broke that level also but faced resistance again at 38180, also market is unable to sustain 37998 level also. Hence overall its a Range bound market only. No good trades are possible today.
I observed few Scalping opportunities on a 3 minute time scale with the help of Bollinger Bands, except that no major trading opportunities today.
NOTE: As per todays market, my observation is 37754 to 38180 is a NO TRADING ZONE, market has to break any of these levels to get a good trade, till that time only SCALPING works.
My view for August 8th:
Flat to Gap Up opening: Go long only if market breaks 38180 and sustains above that level, otherwise no TRADES
Gap Down opening: If market breaks 37754 and sustains again it can test 37272 level.
Tip of the Day: TIPS can never make us rich, even if we follow any Channel or Group, first try to understand the logic. My Experience says that Money can be made only with our own analysis.
TRADING IS SIMPLE BUT NOT EASY, IT SHOULD BE SIMPLE
Please post your comments in the comments section so that I will come to know how my analysis is and also can improve it further
Reach out to me on 9989647590 for further updates.
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