Market News: In the last trading session we have got a positive close after gap up opening. Nifty closed after gaining a strength of almost 130 point which is around 0.59%.
In last trading day, there was not any trending movement, Market was fully range bound, that’s why is is predicted that we can see a trending movement in next trading session which will be hold on Monday.
Nifty Trading Strategies for Next Day
Here, we can see in 1 hour time frame chart that nifty is trading on its important resistance zone and have spent entire day at same zone. So we can predict that nifty is getting prepared for it’s next move.
There is majority of chance that, if nifty breaks it’s major resistance with healthy candle then we can see a new all time high very soon. But again if nifty shows weakness in this point than we can see a panic selling is the market as well.
As a intraday trader we should not be biased with market trend, we should ride the trend. If we say in simple language, then if we get the resistance level breakout with good volume then we can go long but we should wait till 15 minute candle closes above the resistance level.
Things we should keep in mind
If you are a intraday trader and you trade in option and future market, especially in Nifty option or Future contracts then you should follow the proper risk reward ration. And your mind should be trained to exit the trade, if it takes stop loss.
If nifty gives this resistance level breakout then we can wait for big target with trailing stoploss.
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