Treasure Map for 17th of July

Hi Friends,

What an volatile session we had today, nifty was trading in green and in red both sides, both the bears and the bulls had a war and in the end they both settled with no side wins, still the war is not over, the bulls and bears have equal scores, and for the bulls to win the game and control of the market, the market has to close above 4280 levels for a upside move which can be headed to 4360 levels also, but if we see a close below 4220 levels, then the controls are definitely going to be in the hands of the bears and we are going to test 4150 levels, but the bulls still have a chance to roll back and pull up, until we sustain above 4050 levels we can see some chances for the bulls to take over, but a close below 4050 levels we are heading to 3900 levels and a close below that, is full control in the hands of the bears and we are finally filling up the gap.

This is the gap which we have discussed in our previous articles, and we are heading to 3700 levels, and the next movement of the market will be planned after we test these levels.

Well as we had said too go long in nifty at 4050 levels with a small stop loss if 4020 on closing basis with a target of 4300, and if we look at the highs of to we have hit our targets.

Nikkie, Hang Sang, European markets have given a close in green, if we see the charts of Dow Jones, its trading in green and in red both, we are seeing the rally being exhausted and volatility has increased. The up move we saw in the past sessions seems to be at a hold, which can be a warning sign.

If we look at the SnP500 its trading at 933, which can be positive, but we have to be careful and trade cautious as per the bears still have a chance to take over the control at just a hit and this time the bulls would be hammered more powerfully as compared to last time.

Trading Strategy for 17th : -

Nifty has closed at 4231.40, now one can buy nifty above 4247.30 - 4268.20 - 4289.10 - 4317.95 - 4346.80 - 4367.70 - 4388.60 SL - 4220, sell nifty at 4218.45 - 4189.60 - 4168.70 - 4147.80 - 4118.95 - 4090.10 SL - 4035

We suggest traders to trade with strict stop loss and in small quantity. Friday is the day which is the last trading session and we might see some profit booking and exiting in long positions, one should avoid shorting and long positions if we dont close above 4280 levels for next week.

Watch the market with eagle eyes, stocks to watch out for are RNRL, PFC, JPHYDRO, IBREALEST, IVRCL INFRA, RELIANCE.

We are expecting a flat movement and volatility is likely to increase, we expect moves in the market only above and below the ranges we have mentioned in the article.

Trading in the market involves risk, this information being provided is for educational purpose only, one should take advices from there financial consultants before making any final decisions in there trades, we hold no responsibility, and the trader is trading at there own risk.

Regards

Treasure

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Have a Nice Trading Session and a Happy Weekend.