Daily Trading Plan: 21/09/2020.

Bears strike again!

The Nifty opened up just a tad below previous high at 11584.1 and stayed strong throughout the session, but in the last hour, it gave up all the gains and tanked to make a low at 11446.1 before settling at 11504.95 or 11.15 points lower.

Here are my observations from the Daily Chart of the Nifty…

  1. Nifty had open and high same at 11584.1 which also coincides with the downsloping trendline as well as horizontal resistance.
  2. Nifty has printed a Bearish Belt Hold candlestick pattern which usually occurs at the swing tops and signals imminent reversal.
  3. Nifty on weekly bars has traced out a Doji candlestick pattern which shows the indecisiveness near the crucial resistance zone.
  4. Nifty is likely to slide down up to the lower downsloping trendline at around the previous swing low at 11185-11100.

Nifty Bank continues to bleed!

Nifty Bank has clearly broken the rising trend line and an 8-day consolidation which shows that the weakness can continue up to 21350-21000.

It’s time to be extremely cautious!

Here’s the list of stocks as per my Swing Trading Model. You can chose to enter at an intraday correction of 2-3%.

I have no open positions as far as Swing Trading is concerned!

Do have a look at the real-time performance of my strategies updated yesterday!

Have a great trading day on Monday!

*** This is not an investment advice and only for information and educational purposes.

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