Step 1 : Market Analysis
Nifty : Down 21 Pts.
Cnx 500 : Down 8 pts
A:D : 1.5 : 1
Market Analysis say today is " Sideways"
Step 2 : Chart Analysis
Nifty just gaped up above the yesterdays high and started to correct. This is sign of bearishness. Nifty is looking to consolidate after a rally in daily chart. The trend in 5 min chart is sideways. so, the trend for the day is sideways.
Conclusion:
The chart analysis say trend is sideways with bearish bias and market analysis say sideways with bullish bias. Both are supporting each other, so we assume trend for the day is sideways. Go long at support, with stops.
TRADE ANALYSIS:
ENTRY ZONE FAILURE:
we will looking to enter long at support line and will be waiting for price to reach. When price approached the support line price did not stop or showing slowing momentum near the line. The price just pass through the line. So, we haven't got any entry for today.
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