NIFTY TRADE SETUP FOR THE DAY

19 Okt 2020

INDEX SUMMARY

-SGX NIFTY INDICATING A 70 POINT GAP-UP
-AFTER BIG BEAR ROAR ON WEEKLY EXPRIY DAY BULLS SHOWED SOME SIGN OF FIGHT ON FRIDAY
-NIFTY ON FRIDAY CREATED A INSIDE BAR PATTERN ON DAILY CHART
-INDICATING INDECISIVENESS IN THE MARKET
-SUPPORT ZONE COMES BELOW 11625-11585
-FIBONACCI INDICATES 50% AND 61.8% RETRACEMENT LEVEL AT 11630-11540 ON HOURLY CHART
-IF INDEX STARTS TO TRADE BELOW 11580 WILL BE EVERY NEGATIVE
-ON THE OTHERSIDE FOR INDEX TO MOVE HIGHER WE NEED TO SEE A INITIAL MOVE ABOVE 11815-11855
-LIKE IN THE PAST I HAVE MENTIONED WHENEVER INDEX CLOSES ABOVE 11853 IT MANAGES TO CROSS ABOVE 12000
-IF INDEX MANAGES TO TAKE OUT PREVIOUS HIGH OF 12015 INDEX CAN RALLY TO 12075
-WAIT AND WATCH APPROACH ON THE INDEX
-WAIT FOR THE INDEX TO CROSS LEVELS TO ACTIVATE DASH TRADES



NIFTY RESISTANCE FOR THE DAY
11795-11815-11854 (FUT)
NIFTY SUPPORT FOR THE DAY
11680-11630-11580 (FUT)

NIFTY FUTURES DASH TRADES

BULL SCENARIO

-IF INDEX CROSSES ABOVE 11815 AGAIN

BUY@11817
STOP@11795
TARGET@11850
QTY=450

BEAR SCENARIO

-IF INDEX CROSSES BELOW 11675

SHORT@11670
STOP@11705
TARGET@11630
QTY=450

SCREENSHOT