As I start writing my first trade journal entry, I’m ready to dive into today’s market happenings, especially focusing on Nifty and Bank Nifty.
Nifty Outlook: Today, it seems like the market might not change much at the beginning. I predict that Nifty might go down a bit in the first few hours. I think it could go as low as 22,100, and if it drops below that, it might even test 21,800. Since it’s the last day for some contracts, the market might stay in a certain range. If Nifty goes below 22,100, it might end up around 22,000. But if it doesn’t drop, it might close around 22,200.
Given the confluence of factors, including today’s expiry date, a range-bound scenario is probable. Should the bears assert dominance and breach the 22,100 mark, a trajectory toward 22,000 looms, shaping a narrative of cautious optimism. However, in the absence of such a breakdown, a tentative equilibrium around 22,200 might ensue, underscoring the nuanced dance between bulls and bears.
Bank Nifty Analysis: Looking at Bank Nifty, it’s starting a new week, which means new trading contracts. Call options for this new week are quite expensive. I think the market might go down to around 48,000 today. But in the afternoon, after 2:20 PM, if the State Bank of India (SBI) holds a press conference and the market shows signs of getting better, it could bounce back and end up above 48,500.
In Summary: Today’s trading session is like exploring uncharted territory. I’ll be cautious as I watch how things unfold, using my knowledge and analysis to guide me. As the day goes on, I’ll keep an eye on how prices change and how traders are feeling. Writing this in my trade journal reminds me to stay focused and ready for whatever comes my way in the markets.
Leave a Reply
You must be logged in to post a comment.