Trading PlayBook 06/10/2022
Nifty Trade Setup
🔵Bulls could look to initiate long positions on dips around levels of 17100 on the formation of a bullish continuation pattern with a stop below levels of 16950
🔵Alternatively bulls could look to initiate a long trade on a gap up open > 17300 with a stop below levels of 📍17250
🔴Bears could look to test a short trade on the formation of a Bullish rejection pattern around levels of 17535 / 17460
Stop below 📍17410 or📍 17350 respectively
🔴Alternatively bears could look to initiate a short position < 17130 stop above 📍17210
Nifty Bank Trade Setup
➡️Nifty bank remains a buy on dips
🔵Bulls could look to initiate a long trade around levels of 39100 on the formation of a bearish rejection pattern with a stop below 📍38700
🔵Alternatively bulls could look to initiate a long position on a break above levels of 39200 with a stop below 📍38700
⚠️ Note
➡️Make sure to keep an eye on the advance decline ratio
📍 Trading the indices currently requires using wide stops > 1.5 ATR
📍 Keep a close eye on the benchmarks for any change in the divergence
⚠️ 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 ☕