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As a general rule Low risk traders should never use closing basis stop loss.They should rather act every time these important levels are crossed by error margin(read the instructions given above).
Nifty was unable to close above 10900 even for a single day. So we witnessed good corrections from this level.10900-11050 and 11180 are the super strong Gann resistance levels . We can witness super volatile week ahead on account of assembly election results. So all low risk traders should avoid positional trading till tuesday 11th Dec. Let the market stabilize then take your positions.Buy on dips strategy is still ok but keep a close watch of Resistance levels also. Only high risk traders can take positions on monday and carry forward ahead. Option trading is more advisable to minimize risk.
Follow the trade setup as given below.
TRADE SETUP :
* ALL THE TRADE SETUPS GIVEN BELOW ARE VALID FOR THE WEEK ONLY.
Profit booking levels are not given below as either you can book profit as per your risk appetite or you can treat all resistance and support levels given below as profit(partial/full) booking levels . Trend following and maximising profit is an ART which is taught to all Gann students at ART OF TRADING
1)10555-(10470 to 440)-10370-10310 are support levels. You can plan to buy near all these levels and keep 30 points stop loss below each levels. Only high risk traders can keep stop loss on closing basis. Give special attention to the levels given in the RED colour below. Going short is allowed if these levels(red coloured) are broken convincingly.
2) 10780-10940-11050-11180 -11465 are resistance levels. Go short if trades near these levels and keep 30 points stop loss above each levels.Only high risk traders can keep closing stop loss. Give special attention to the red coloured levels given below. You can go long above these levels on convincing break and close.
MAJOR SUPPORT LEVELS ON CLOSING BASIS ARE:: 10555-10490- 10370-10260-10210-10125-9967
MAJOR RESISTANCE LEVELS ON CLOSING BASIS ARE :: 10780-10900-11050-11180-11465
27050 was a Gann resistance level and bank nifty corrected almost 1000 points from that level.Trend still remains buy on dips. Any close below 25900 will indicate sideways trend.
Follow the trade setups given below and additionally monitor the role reversal levels.
TRADE SETUP :
* ALL THE TRADE SETUPS GIVEN BELOW ARE VALID FOR THE WEEK ONLY.
Profit booking levels are not given below as either you can book profit as per your risk appetite or you can treat all resistance and support levels given below as profit( partial/full) booking levels .Trend following and maximizing profit is an ART which is taught to all Gann students at ART OF TRADING.
1) 26100-25900 -25600-25370-25150-24500 are support levels. You can plan to buy near all these levels and keep 50 points stop loss below each levels. Only high risk traders can keep stop loss on closing basis. Give special attention to the levels given in the RED colour below. Going short is allowed if these levels(red coloured) are broken convincingly.
2) 27050-27220-27550 -27900-28200-28400 are resistance levels. Go short if trades near these levels and keep 50 points stop loss above each levels.Only high risk traders can keep closing stop loss. Give special attention to the red coloured levels given below. You can go long above these levels on convincing break and close.
MAJOR SUPPORT LEVELS ON CLOSING BASIS ARE 26100-25900 -25600-25300-25150-24500
MAJOR RESISTANCE LEVELS ON CLOSING BASIS ARE :: 27050- 27220-27550-27900-28200-28400
Gold finally broke out above the the Gann resistance near 1245. Now next important level to watch is 1266. Any close above this level will indicate good strength.
.Follow the trade setup as given below.
TRADE SETUP :
* ALL THE TRADE SETUPS GIVEN BELOW ARE VALID FOR THE WEEK ONLY.
Profit booking levels are not given below as either you can book profit as per your risk appetite or you can treat all resistance and support levels given below as profit( partial/full) booking levels . Trend following and maximizing profit is an ART which is taught to all Gann students at ART OF TRADING.
1)1236-1225-1215-1195-1180 are support levels. You can plan to buy near all these levels and keep 5 points stop loss below each levels. Only high risk traders can keep stop loss on closing basis. Give special attention to the levels given in the RED colour below. Going short is allowed if these levels(red coloured) are broken convincingly.
2) 1266-1284-1297-1310-1325 are resistance levels. Go short if trades near these levels and keep 30 points stop loss above each levels.Only high risk traders can keep closing stop loss. Give special attention to the red coloured levels given below. You can go long above these levels on convincing break and close.
MAJOR SUPPORT LEVELS ON CLOSING BASIS ARE:: 1236-1225-1215-1195- 1180-1153-1120-1045
MAJOR RESISTANCE LEVELS ON CLOSING BASIS ARE :: 1266- 1284-1297-1310-1325
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