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NIFTY Trading Analysis and Strategy for April 2, 2024

Long
NSE:NIFTY   Nifty 50 Index

Gap-Up Opening:
In the event of a gap-up opening above 22500, sustaining above 22507 could propel prices towards 22551. At this juncture, a short position can be considered targeting levels around 22478-22450. However, if prices persist above 22551, an extension towards 22602 becomes plausible.

Flat Opening:
Should prices open flat, resistance is anticipated in the 22478-22507 range, potentially leading to a decline towards 22412-22402 and subsequently 22376-22365. Here, a buying opportunity may arise. Conversely, sustaining above 22507 could signal further upside momentum, targeting levels at 22551, 22602, and possibly 22700.

Gap-Down Opening:
In the scenario of a gap-down opening below 22400, a buying opportunity may emerge near 22376-22350, with a stop loss at 22320, targeting levels of 22469, 22478, and 22507. However, if prices persist below 22320, a downside continuation towards 22200 - 22198 is conceivable.


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