SCS Daily Dose for Thursday – 29/07/2021 5:00 AM.
And the story of Nifty continues……………………. since last 42 trading sessions.
Before the End Game of Nifty July Expiry this is exactly:
13th time Nifty has taken support near 15630 to 15550 and Exactly the 13th time 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.
Nifty Daily Chart as on 29-07-2021 at 9.00 AM
Let me explain here, how to interpret the above chart.
- 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 42 daily candles which represents trade of 42 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 sold nifty in the range of 15575 to 15650 for the last 13 times have been in loss from 1st So it is clear that we should not sell nifty in the range of 15550 to 15650.
Similarly, Total 13 times nifty has faced resistance at 15950 from 1st It means that all those who bought nifty in the range of 15875 to 15950 for the last 13 times have been in loss from 1st June. So it is clear that we must not buy nifty in the range of 15875 to 15950.
Nifty Hourly Chart as on 29-07-2021 at 9.00 AM
There are six horizontal lines on chart.
Let me discuss in detail, as I will be using the above color Codes in future as well.
Green and Red Lines.
Green Line – Shows Top of the Range.
Red Line – Shows Bottom of the Range.
Blue Lines – Top Gap.
Pink Lines – Bottom Gap.
Let me explain here, how to interpret above chart.
- Broader Range – of the Nifty Hourly Chart is 15575 (Red Line) to 15950 (Green Line). It means these are the most expected boundaries of the nifty as per current chart.
If anything goes above or below it then we may need to redefine range, which means the above interpretation will not be useful, new studies will be necessary to understand it with new boundaries.
Top Gap – 15828 to 15936 (Blue Lines). Team SCS will explain in next Wednesday’s session what Gap Theory of SCS is and its importance.
Top gap of the range is always a no trade zone for buyers. That doesn’t mean that you are suggested to sell here, when to sell is dependent on data analysis (Team SCS will give data analysis training in future sessions of Wednesday).
Bottom Gap – 15630 to 15700 (Red Lines). Bottom gap of the range is always a no trade zone for sellers. That doesn’t mean that you are suggested to buy here, when to buy is dependent on data analysis.
Here, possible trade is subject to data and behavioral analysis.
Buy Nifty near 15600 to 15650 with Stop Loss of 15534.35.Use earlier articles for below
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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.