Step 1: Market Analysis
Nifty : Up 75 pts
Cnx 500 : Up 55 pts
A:D : 2.5 : 1
Market Analysis says today is " Bullish Day "
Step 2 : Chart Analysis
Nifty just gaped opened 80 pts. Nifty is near the weekly resistance zone of 6000 - 6100. Opening bar of nifty has a high of 5958 and low of 5920, the price is trading in between the range. The trend of the nifty will be set only when the price closed or below the range. Wait for breakout to happen and be prepared for false breakout.
Conclusion.
Trade according to the trend and take only intraday positions.
Trade Analysis:
1. Price was in daily down trend.
2. Price pulled backed to support.
3. Doji candle at resistance.
4. Momentum was with bears.
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