- SGX NIFTY is already trading up with almost 40-45 points up and trading near 16324 NIFTY will also follow this.
In yesterday session Nifty has made a high near 16360 and close near 16268 so for today move which level we need to follow for taking any trade .
As you can see the chart its 5 min timeframe so why i have taken this .. i have seen such formation that is happening in 5 min chart so that why i have taken this timeframe for taking entry .
So for buying we should go for above 16290 above trendline and swing that i have plotted with blue horizontal line .
But Sgx nifty is already trading higher and it is trading at 16324 so NIfty should open near this . if NIfty sustian 16324 for some time it can quickly move till 16360 . But its all time high of nifty so you should cautious near this . if some indecison candle or dozi candle forms at the top so you can short with small sl after confirming this you can only take trade .
Scenario -1: Short near top if you see any red candle or indecision candle like dozi .
Short Near 16360 take a small sl and target near 16300 and so on .
Scenario -2 :If market falls and comes near 16250-16270 again you can take a buy entry for some quick move .
Buy near 16250-16270 target 16320-16360
Scenario -3: if market not sustains 16250-16270 zone you can take a short below 16250
Short below 16250 Target 16200 and so on .
if Nifty falls 50 points banknifty will also fall 100-150 points
Banknifty short Below 36100 target 35900For Banknifty if NIfty is getting weaker then banknifty will also follow this.
Disclaimer : This analysis is totally based on my knowledge and my experience it may give you loss or profit so kindly contact your financial advisor before taking any trade . if you will losse i will not responsible for this .
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