Daily Trading Plan: 06/10/2020.

Is the market tired?

Well, today’s price action suggests that!

Nifty opened with a gap above the falling trendline and moved higher up to 11578.05, came off over 120 points to make a low at 11452 after the Supreme Court deferred the decision on the moratorium. It finally settled at 11503.35 or 86.4 points up.

Nifty has formed a Spinning top candlestick pattern and is overbought at the very important resistance at 11600. It coincides with the 78.6% Fib retracement of the entire fall from 11794-10790.

A break below today’s low will take the Nifty back in to the falling channel which will be negative.

The Nifty must be able to push through the 11600-11650 range decisively for the bullish trend to continue!

How’s Nifty Bank faring?

Nifty Bank has printed out a Gravestone Doji at the resistance and is also overbought.

A pause or pullback is expected in a few days!

The outlook is cautious!

There are no signals for the day as per my Swing Trading Strategy!

Have a great day ahead!


I have recently published the Big Picture Technical overview of the Global markets, commodities, and currencies. Do check it out if you haven’t already done so!

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