During the day, the eyes will be on ECB raising the interest rate which is likely to be upward 75 basis points. USA has already done its job by raising interest rates by 50 basis points. It is a difficult task for Europe as inflation is beyond control and their targeted rate is 2% and they are reeling under pressure from the prices of natural gas due to Russia Ukraine war.
Bank Nifty Spot View For: 15/12/2022
Cmp: 44049.10
Support & Downside Range: 43970—43857—43769—43747 zone, 43650
Resistance & Upside Range: 44160---44250—44350--44500
Short Term Trend Reversal Level: -- 42948
Trading View: Intraday bias remains bullish and strong till bank index trading above 43857 spot zone if 43857 gets hold and we get bounce by 12 noon than chances are there we may again see expiry at or above 44000—44050 spot levels.
The limited point we are trying to make is, you make a Trading Plan first , and, then you Trade that plan.
After the formulation of Trading Plan you shouldn't impose your thoughts on it!
All studies, all thinking process to be finished before formulation of the plan, once plan is prepared...you are supposed to do only one thing...... Execute that plan ruthlessly!!
Gyan of the day : Risk management starts even before you take the trade, e.g. position sizing.