• Deepak

Index levels & Views for 6 Aug

Nifty Spot at 10862

Resistance at 10895/ 10970

Support at 10751/ 10715

BankNifty closed at 27648

Resistance at 27800 / 28045

Support at 27390 / 26970

View: - Bullish for higher levels ( not much higher ), Market is not getting a follow up on sell trades intraday as observed yesterday. 1st step for a trend to fade is when short term players are not able to make money. Yesterday sellers were not able to make money even after a grand opening.

Plan for today: - Buy all dips below yesterday low, we will wait for pullbacks to to exit. Use risk management / define stop-loss based on a reference candle and take trades on long side.

I will update on a change of view based on Market opening.

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