This blog is my trading diary. It is an attempt to organise my analysis and thoughts. I follow the charting methods given in JUST NIFTY blog by Ilango sir and so the charts would have striking resemblance to his charts. I am indebted to Ilango sir for having made this blog possible for me.

December 6, 2022

NIFTY ANALYSIS

NIFTY broke the previous day low and the fifth wave was done at 18590 and from thereon  was a 100+ point move till 18700++ and managed to close at 18700.

Considering wave A as 18886 - 18590 - the ongoing 'B" is likely to retrace upto 18750 - 18775 - a 50% to 61.8% retracement - holding 18625.

INTRADAY TRADE SETUP:



There are cluster of resistances  @ 18720-730

*18717 - 15 min Bollinger band resistance

* 18728 - prev day high

*Channel resistance @ 18725

Break of 18625 - Channel resistance would drag Nifty lower towards 18500 - 50% of the retracement of the move from 18133 - 18886.

So, trading above 18728 - will lead towards 18750 -18775

& break below 18630 - will drag toard 18550 - 18520

Trade Plan :

Buy (call option) above 18725 Sl 15 min close below 18700 - (fall back into channel)

Sell below (buy put option) 18630 SL 15 min close above 18650 ( back into channel)




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