Daily Trading Plan: 08/10/2020.

Nifty marches on!

Nifty has pushed through important resistances between 11600-11650 with relative ease.

Now, the next hurdle remains to be conquered is 11800!

Will it or will it not?

Well, the Nifty is extremely overbought near the extremely important level.

We are yet to break out above the high of 31/08/2020 as it was a Key Reversal Day which saw the market plummet almost 1000 points.

If the Bulls have to continue to dominate, they will have to push through 11794 with a strong vigor while the close below 11600 could spell the trouble!

What’s up with Nifty Bank?

The Nifty Bank is at a crucial juncture at around 23000 and is highly overbought.

If it breaks through 23000, then we are looking at a rally towards its 200 DMA at 23868.

The markets are awaiting the RBI Policy announcement expected on 09/10/2020.

I would advise caution at these levels ahead of an important news!

There are no signals as far as my Swing Trading Strategy is concerned!

Have a great day ahead!

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