Nifty 03 Jan 22 analysis

Hello traders , I wish all of you are very happy new year. May this year brings all of u a lot of prosperity and a very good health.

Nifty has clearly entered inside that inverted flag channel marked with pink trend line. Now clearly it is not bearish untill and unless it again goes below 17100-150 zone as it has become a good support for nifty now. No more bearish position now untill 17100 breaks.

1. For intraday if nifty opens flat any dip towards 17320-17340 is a buy for a target of atleast 17450 with sl of 17300.

2. If nifty opens gap up above 17400 then don't chase the gap up. It's better to leave trading. Wait for the dip near yesterday's closing price and then buy CE option for same target.

3. If nifty opens gap down below 17320 then also leave trading. It might consolidate whole day. But don't take put position tomorrow. Always make a rule don't become straight away bearish when market going bullish and vice versa. Let the market show if it is changing its direction. So no put suggestion for tomorrow.

Don't be in a hurry and don't trap in fomo. Always trade what u have planned don't trade ur feeling. And choose good risk to reward ratio trade.