Trading PlayBook - 10th Oct 2022
➡️ Sgx nifty indicating a weak start
📍Make sure to set up your stop loss
🔴 16960 acting as intermediate support for the bulls
🔵 Make sure to keep check of the market sentiment before Initiating any postions
🔴 A break below levels of 16960 would indicate market could remain choppy and we could see further expansion on the down side
⚠️ Manage Your Postion Size To Suit Your Risk
Nifty Trade Setup -
🔵Look to buy around levels of 17160 with a stop below levels of 📍17100
🔵Alternatively bulls could look to add further delta or initiate a long positions on the formation of a 🐂bullish continuation pattern around levels of 17260 with a stop below levels of
📍17100
Nifty Bank Trade Setup -
🔴Buy on the formation of bearish rejection pattern around levels of 38960 stop below📍38860
🔵Alternatively bulls could look to add further delta or initaite a long position around levels of 39200 on the formation of a bearish rejection pattern stop below levels of📍 38900 or below todays intraday poc
⚠️ 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 ☕