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We are crossing an important pressure date. So if Nifty is unable to close above 10525-10570 zone then we may see some correction from here.
SHORT TERM POSITIONAL TRADES( Holding period 2 to 7 days)::
Keep short on rise if 10525-10570 zone is not breached convincingly. Buy if trades near 10330 and keep 20 points stop loss.
LONG TERM POSITIONAL TRADES( Holding time 1 to 7 weeks)::
Book total profit in long position and will create long trade once Nifty is able to close above 10570.
Bank nifty is also passing through a pressure date this week.
SHORT TERM POSITIONAL TRADES( Holding period 2 to 7 days)::
Buy on dips till 24800 support is broken convincingly. 25450 and 25625 are important levels to watch and disciplined traders can go short near these levels with 30 points stop loss.
LONG TERM POSITIONAL TRADES( Holding time 1 to 7 weeks)::
Book total profit in call options now. Add some position if it declines towards 24800 and keep 50 points stop loss.
MAJOR SUPPORT LEVELS ON CLOSING BASIS AR 24950-24800-24050-23600-22900-22600
MAJOR RESISTANCE LEVELS ON CLOSING BASIS ARE ::25450-25650-25825-26325
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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