Trading PlayBook - 22/09/2022
Bank Nifty Trading Idea
🔵 Bulls could look to buy the dips around levels of 40800 on the formation of a bearish rejection pattern with a stop below level of 📍40760
🔴 Bears could look to test a fade trade on a gap up open around levels of 41500 with a stop above levels of 📍41700
🔴 Alternatively bears could look to initiate a short trade around levels of 41350 on the formation of a bearish reversal pattern with a 📍stop > 41550
Nifty Trading Idea
🔵 Bulls could look to test a low delta long trade on a gap down open around levels of 17460 with a stop below the swing low of 17430
🔴 Bears could look to test a short trade on the formation of a bullish rejection pattern around levels of 17640 with a stop > 17760
🔴 Alternatively bears could look to initiate a short trade on a gap down open below levels of 17460 on the formation of a bullish rejection pattern with a📍 stop above levels of 17560
🔴 Additionally bears could look to test a fade trade on a retest of levels of 17750 on the formation of a bearish reversal pattern with a📍 stop > 17850
⚠️ Note
➡️Make sure to keep an eye on the advance decline ratio
☑️ Ideally I look at a ratio of 2:1 initiate a counter momentum trade
➡️Make sure to look to initiate long positions on the confirmation of a bullish continuation pattern
☑️ Wait for the confirmation of a bullish rejection bearish reversal pattern before Initiating short positions
📍 Trading the indices currently requires using wide stops > 1.5 ATR
📍Select stocks offer a better risk reward
📍 Keep a close eye on the benchmarks for any change in the divergence
👉 Stock In Play - Oberoi Realty
⚠️ Disclaimer
Information shared is for educational purposes only kindly do your own due diligence before initiating any trades
👍 Wishing my friends a fruitful and profitable trading day
☕ Cheers
👉 Disclosure:
📍keeping my trades stock specific as the indices not offering a favorable risk reward
📍However if we do open around the value zones on the nifty / bank nifty idea would be to initiate a long position subjective to increase in volitality & the number of shares advancing to the number of shares declining