Nifty 50 Trading strategy for 15th January
Nifty has closed 90 points up from previous close. The market moved sideways after a gap up open. Prices did move up but then it was not able to break the 23266 level. After the rejection from the resistance, Nifty stayed sideways. None of the setups from our trading plan occurred today and hence it was a no trading day. The market fell more than 340 points on 13th January and the market was bearish. However, I highlighted that there is a reversal zone and the prices might reverse from this level. Prices have resisted the fall and have formed and inside candle in the daily chart. We have to see if the prices are going to break the low of 13th January this week or not. If the prices are able to hold here and then it try to break the range to the upside then we can assume that the prices are reversing.
Nifty 50 trading strategy for 15th January
Since the market has been sideways, I have kept the strategy same as on 14th January but with slight changes. I am giving a brief description below.
Short setup
Scenario 1: The price opens gap down and then makes the first move up to the previous session close and then retraces to 23050 and after few attempts breaks it. The targets is not clear and hence trail your stop loss.
Scenario 2: Prices open gap up and then goes up to 13th January high and takes buying side liquidity. If the prices then retraces below the last swing low and gets rejected to the downside by 9 EMA, we can expect the prices to reach till 23050.
Long setup
Scenario 1: The prices open gap down and then moves downwards below 23050 and then it recovers back above the swing high. In this condition, if the prices are rejected upwards by the 9 EMA we can expect an up move till 23266.
Scenario 2: The prices open gap up and manage to sustain above the 232600 level for the first half. The prices should be forming swings above the 23266 levels. In such case, we can expect a short covering that can have target up to 23534.
Comments