SCS Daily Dose for Monday – 2/08/2021 5:00 AM.
And the New Monthly Game begins today. Monday, after the monthly expiry is an actual start of a new monthly Game of Stock Market.
You may think of it as four or five Test Match series every month. And Monday is the 1st Day of 1st Test Match of a four Match Series of August.
It is very important to understand the first move of the game to understand the Game Plan of both teams, Bulls and Bears.
Don’t be a bull or a bear just be an umpire and try to understand who will be the dominating team.
As we want to understand monthly game plan, we need to study a longer time frame chart.
Let us start with;
Nifty Monthly Candle Chart
As you can see here, a Doji is formed at the top of Bull Run, it is a clear sign of trend reversal. Refer to the given link to understand what Doji is and its behavior.
Possible Action (on the basis of Nifty Monthly Chart) – Sell nifty with stop loss of 16551.15.
Nifty Weekly Candle Chart
And the story of nifty continues……………………. Since the last 43 trading sessions and 8 weeks.
At the start of August series this is exactly,
13th time Nifty has taken support near 15630 to 15550 and Exactly the 14th time it faced resistance from 15870 to 15950.
Total “13” times all traders, those who have bought at bottom and sold at top of the range are in Profit.
Let me explain here, how to interpret above chart.
- As Nifty weekly and daily both give the same consolidation pattern we can discuss it together.
- If someone wants to understand the meaning of “Range Bound” then chart of nifty from 1st June 2021 is a classic example of it.
- In this chart there are 43 daily candles which represents trade of 43 days.
- Nifty’s broader range is of 15575 to 15950 on the basis of Nifty Daily Chart.
- Total 13 times nifty has taken support at 15650 from 1st June. It means that all those who have sold nifty in the range of 15575 to 15650 for the last 13 times are all in loss from 1st So it is clear that we must not sell nifty in the range of 15550 to 15650.
- Similarly, Total 14 times nifty has faced resistance at 15950 from 1st It means that all those who bought nifty in the range of 15875 to 15950 since the last 13 times are all in loss from 1st June. So it is clear that we must not buy nifty in the range of 15875 to 15950.
Possible Trade as per Weekly and Daily Chart.
Here, possible trade means subject to data and behavioral analysis.
Buy Nifty near 15600 to 15650 with Stop Loss of 15534.35.
Sell Nifty near 15870 to 15950 with Stop Loss of 16015.15.
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This Article is solely for educational purposes. It is advisable not to trade on the basis of this article. Take help of your financial advisor before taking any trades.