When you put too much of your ego on the line with your money, you may feel great when you win, but on the other hand, you may feel discouraged when you lose. When you allow your ego to enter your trading, you put subtle pressure on yourself to succeed. This added pressure could compel you to make dumb mistakes like holding on to losing trades to avoid hurting your ego. It’s better in the end to take a professional approach to trading marked by objectivity and rationality. Sure, it is necessary to have a passion for what you do, but it is not necessary to get a swelled head.”
Break of 4720 will see a impulsive down move till 4675,4610,4565 and 4538.
On Upside if Nifty starts trading above 4805 that would be first sign strength,move above 4838 would be next signal market is showing strength and bullish bias will come above 4874 which can take us back till 4906 in next 1-2 days.
After such decline pullback will be fast.swift and furious in the range of 1.5-3% in a single session which would be lead by short covering.Use such rally to exit longs.
Buy above 4806 Tgt 4838,4846,4877 and 4906
Sell below 4763 Tgt 4720,4675 and 4610
Close below 4720 will be extremly bearish for market and we might see 4500 this week only if 4720 is not protected on closing basis.
Break of 8522 will take bank Nifty back to the important support at 8134 level.
Things looks overdone in short term and a bounce back is expected for today till 8522 is not broken on downside.
Buy above 8627 TGt 8733,8806 and 8872
Sell below 8520 Tgt 8448,8343 and 8250
Technically stock is forming lower low and has support at lower end of trendline from where we can expect a bounceback.
Sell below 2626 Tgt 2600 and 2568
Buy above 2677 Tgt 2734,2753
Level mentioned are SPOT levels