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NIFTY DID GIVE AN UPWARD BREAKOUT LAST WEEK BUT SOMEHOW I AM STILL NOT CONVINCED WITH THIS BREAKOUT AS THE STRENGTH IS MISSING. BUT WE WILL STRICTLY GO WITH THE GANN TECHNICAL RIGHT NOW. CONSIDER THIS AS A FALSE BREAKOUT ONLY WHEN NIFTY STARTS TRADING BELOW 14950- 14840 AND 14700 IN SPOT. TILL THEN STRATEGY SHOULD BE BUY ON DIPS NEAR THESE LEVELS WITH SMALL STOP LOSS BELOW THESE LEVELS. ONLY AGGRESSIVE AND DISCIPLINED TRADERS CAN ATTEMPT A SHORT TRADE NEAR 15200- 15330 -15450 WITH SMALL CLOSING STOP LOSS ABOVE THESE LEVELS.
F&O Trade setup-
REMEMBER THE RULE SUPPORT CAN BECOME RESISTANCE AND VICE-VERSA
Major Gann support levels for this week are 14950-14840-14700-14590-14400 Creating long trades near Gann support levels is suitable only for highly disciplined traders with strict SL below support zones. Major Gann resistance levels are 15200-15340-15450 -15525
GANN TIME CYCLE TRADES--
THOSE WHO ARE HOLDING MULTIPLE LOTS OF JUNE EXPIRY NIFTY PUT OPTIONS FROM 15400 LEVELS MUST BOOK PARTIAL PROFITS AT EVERY 500 POINTS DECLINE AND ADD POSITIONS AT EVERY 500 POINTS RALLIES. SINCE 16TH FEB NIFTY HAS FALLEN MORE THAN 1000 POINTS AND HAS PROVIDED SEVERAL GOOD OPPORTUNITIES FOR PARTIAL PROFIT BOOKING TO ALL PUT BUYERS. DO HOLD SOME LOTS OF JUNE EXPIRY NIFTY ATM PUTS FOR BIGGER PROFITS. I AM EXPECTING DEEPER CORRECTIONS BEFORE JUNE 2021 END. TARGET EXPECTATION OF 12400 IS LIKELY AND HAS POTENTIAL TO TAKE NIFTY INTO 4 FIGURES ONCE IT GIVES A WEEKLY CLOSING BELOW 12300 . SINCE THIS TRADE HAS NO STOP LOSS LEVEL SO TAKE DECISIONS ONLY IF YOUR RISK PROFILE ALLOWS IT.
TRADing RULES AS PER GANN SYSTEM :
* ALL THE TRADE SETUPS GIVEN ARE VALID FOR THE WEEK ONLY.
Profit booking levels are not mentioned as either you can book profit near Gann support or as per your risk appetite . Trend following and maximizing profit is an ART which is taught to all Gann students at ART OF TRADING
PIDILITE FUTURE(MAY)
F&O TRADE SETUP :- TREND - BULLISH . Strong Gann support zones 1950-1915-1880-1830. Strong Gann Resistance zones 2025-2070-2116-2165-2210
TRADING STRATEGY- Buy near support or breakout of resistance and Short near resistance or break down of support. Stop loss above and below the zones as per trading position. Profit booking targets are next zones or as per individual risk appetite. TAKE MAJORITY TRADES IN THE DIRECTION OF TREND.
BANDHAN BANK FUTURE(MAY)
F&O TRADE SETUP :- TREND - DOWN. Strong Gann support zones 286-272-255-250- Strong Gann Resistance zones 312-326-342-362
TRADING STRATEGY- Buy near support or breakout of resistance and Short near resistance or break down of support. Stop loss above and below the zones as per trading position. Profit booking targets are next zones or as per individual risk appetite.TAKE MAJORITY TRADES IN THE DIRECTION OF TREND.