Saishayu Option Scalpers Daily Trades Bearish Follow through after Hammer, nice fight by Bears.

Bearish Follow through after Hammer, nice fight by Bears.

Is again a Bull day tomorrow?

Bank Nifty broke out last week on Friday & every Bullish mind was happy. Even the close wasn’t a worry some reason. The way however index traded today was something, not many traders had dreamed of. Many of my fellow trades, carried home Calls & Puts together in hope of a big gain. I look at market in follow ways –

Whenever we have a contra move in first 3-4 candles of 5 Min TF, that’s an alarm that morning gains are soon to be surrendered & index will flow in contradiction. Please refer my quote on charts & you’ll agree with me post some back-testing!

Anyways, let’s talk about today’s Index Move. As per recent post, higher end resistance was around 42600-700 & it proved right. Index couldn’t sustain day’s gains & it dropped down. It dropped so much that, it crossed down crucial level of 42500. Bulls tried hard to re-claim 42500 level, but bears were stronger today.

So on a daily TF, we had Hammer yesterday & now bearish follow though, –

  1. Bulls must cross 42500 with volume to re-claim it.
  2. Bears have to open gap down of if they open gap up, they must fall below today’s low & reach 41100 level to challenge Bulls!

 On Daily TF, it’s a beautiful candle, followed by Hammer. Let’s see what happens tomorrow!

Bearish Follow through after a Hammer! What’s Next in Bank Nifty tomorrow? Pls check levels in above chart for trading tomorrow.

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