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Last week nifty tried several times but was unable to close above 10570 as Pressure date did put lot of pressure in it. So till it closes above this level a sideways to corrective trend is not ruled out.
SHORT TERM POSITIONAL TRADES( Holding period 2 to 7 days)::
10380 is strong support and 10570 a resistance level. Considering these two levels plan your short term trade.
LONG TERM POSITIONAL TRADES( Holding time 1 to 7 weeks)::
Some correction is possible but look at the positional support levels given below and try to buy in dips near these levels and keep 20 points Sl below these levels on closing basis.
Pressure date effect was better visible in Bank nifty chart and looks in weaker position as compared to nifty.
SHORT TERM POSITIONAL TRADES( Holding period 2 to 7 days)::
24800 and 25450 is still valid. Those who shorted near 25450 zone must have made good profit last week. Below 24800 some more correction is possible,
LONG TERM POSITIONAL TRADES( Holding time 1 to 7 weeks)::
Look at the support and resistance levels given below. Trade near all support and resistance levels and keep 50 points sl below and above these levels.
MAJOR SUPPORT LEVELS ON CLOSING BASIS AR 24800-24500-24200-24050-23600
MAJOR RESISTANCE LEVELS ON CLOSING BASIS ARE ::25450-25650-25825-26325
Inside bar in weekly chart . So no change in view as range bound trading continues. Big breakout is possible if 1380 is crossed on closing basis.
SHORT TERM POSITIONAL TRADES( Holding period 2 to 7 days)::
1319 to 1360 is short term range. Do range bound trading considering these levels. Once 1319 support is broke then it may find support near 1300 and 1280.
LONG TERM POSITIONAL TRADES( Holding time 1 to 7 weeks)::
Buy on dips is still the best strategy as trend has bullish bias.
IMPORTANT TRADING RULES::
PLAN YOUR TRADE THEN TRADE YOUR PLAN.
ALWAYS TRADE NEAR GANN LEVELS TO MINIMIZE RISK.
NEVER BE RIGID IF SUPPORT & RESISTANCE LEVELS ARE BROKEN.
NEVER TRADE WITHOUT STOP LOSS.
PUT STOP LOSS IN THE SYSTEM NOT IN MIND.
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