SCS Daily Dose for Monday – 6/08/2021 5:00 AM.
Keep close watch on some important indicators to find a trade for the next week.
Even though nifty is showing full strength, since the last few sessions its major contributing shares, which are components of Bank nifty, are not so supportive to its strength. This may restrict nifty to move further high and it may be possible that it might become the main reason for dragging nifty down to its recent lower gap range at 16150 to 16200. So at present the focal point is Bank nifty.
Let us discuss the technical interpretation of Bank nifty at present.
Possible “Double top” pattern on daily Bank nifty chart, which is a sign of weakness.
Bank nifty is weak unless it trades above 36275. If it does not cross and sustains above 36275 it may enhance its weakness further. However if 36275 level is breached and sustained, it will be too strong. We may call this as the “make or break level”. So every active trader should keep close watch on this level as this is the key to decide future direction of nifty.
Last swing high on 15th July was 35985 which it has attempted to break twice in the last two trading sessions
Wednesday’s High was 36275 and
Thursday’s High was 36174. On Thursday it opened on the higher side and during the entire day it could not break that high, which is an early sign of weakness.
At present bank nifty is at 35954 which is well below 15th July’s swing high. Hence, if it does not cross 36100 today then that will be a sign of weakness, but we also need to give the benefit of doubt as today it’s Friday. On Monday if the same weakness continues, then that will be a clear sign of weakness. SCS will keep you updated, so stay with us over the weekend and don’t forget to join our Sundays Stock Market Training session.
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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.