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 7, 2022

NIFTY & BANK NIFTY ANALYSIS

NIFTY broke 18630 levels and went upto 18590 and closed again near 18640 levels. Nifty is stuck in the range. 

A Close above prev day high required for further upsides and similarlh a close below the prev day LOW required for further downside.

INTRADAY TRADE SETUP:



NIFTY range bound between 18590 - 18650 
Break below 18590 will lead towards 18500 - 50% retracement of 18133 - 18886 - 

BREAK OUT  above 18650 - will intially target 18750 ++ - CHANNEL BREAKOUT


Trade Plan:


BUY ABOVE (18600 CALL ) 18650 WITH SL 15 MIN CLOSE BELOW 18620

SELL BELOW (18600 PUT) 18590 WITH SL 15 MIN CLOSE ABOVE 18620

BANKNIFTY PATTERN:




A Head and Shoulder pattern is formed in Bank Nifty in which 
H&S BREAKDOWN BELOW 43050
INTIAL TARGET 42800 

Trading above 43300 will nullify the pattern




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