Trading PlayBook - 18th Oct 2022
🔵Sgx Nifty Indicating a gap up open around resistance levels of 17460
Nifty Trade Setup :
🔵 Bulls could look to initiate a long postion on dips around levels of 17240 on the formation of a bearish rejection pattern with a stop below📍17140
🔵 Alternatively bulls could look to initiate a long trade on a break above levels of 17470 on the formation of a bearish rejection pattern with stop below levels of 📍17400
🔴 Bears could look to test a fade trade around levels of 17550 /17460 on the formation of a bullish rejection pattern with a stop above levels of📍17570
⚠️ Make sure to keep a check on any form of divergence on the benchmarks
👉 Sgx is suggesting a positive start & remains in control of the bulls make sure to place tight stops on any counter trend trades and mange your position size accordingly
👉 However we would look to test a low delta fade trade around levels of 17460 / 17500 if the advance decline remains neutral subjective to the nifty bank forming a bullish rejection pattern.
Nifty Bank Trade Setup :
🔵 Bulls could to initiate a long trade on dips around levels of 39400 on the formation of a bullish continuation pattern with a stop below levels of 📍39100
🔵 Alternatively bulls could look to add further delta around levels of 40150 on the formation of a bearish rejection pattern with a stop below levels of 📍39500
⚠️ Make sure to keep a check on any form of divergence on the benchmarks
📍 Trading the indices currently requires using wide stops > 1.5 ATR
⚠️ 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 ☕
Pls Note : In case the gap up open fizzles out at the pre open session pls make sure to check out 17th Oct 2022 Pre Market report