In accordance with our last trading analysis, NIFTY hovered near our initial resistance range of 22620 – 22660. Despite attempting to climb higher, a pullback occurred, and the day concluded near the upper boundary of the previously mentioned resistance zone. Here's our strategy for Tuesday, 9th April:
Gap Up Opening:
If NIFTY opens with a gap up above 22750, we anticipate a potential profit booking phase around this level. A short trade could be considered with a stop loss (SL) set at 22775, targeting levels of 22700, 22660, and 22620. Should the price sustain above 22775, we foresee a trading range between 22775-22800, with a possibility of an upward thrust towards 22990 – 23000 in the near future.
Flat Opening:
A flat opening below 22660 might see support near 22620 – 22600, suggesting a buying opportunity with a SL of 22590 and targets at 22712 – 22745. Alternatively, if prices dip below 22600, a short trade with a SL of 22620 could be initiated, targeting 22570, 22550, and 22500. Given the numerous support levels below 22600, it is advisable to adopt buy trades cautiously with a small SL of 20 points below each level.
Gap Down Opening:
In the scenario of a gap down opening below 22600, initial support levels lie at 22571 and 22500. A buying opportunity may arise if prices swiftly recover from 22500 and breach 22550, targeting 22600 – 22660. Conversely, a drop below 22500 could lead to a sharp decline towards 22387.
Conclusion:
Navigating NIFTY on 9th April involves a keen observation of key levels. While a gap up opening could trigger profit booking, a flat or gap down opening might offer buying opportunities with cautious risk management.
Disclaimer: The trading strategies provided are based on technical analysis and market observations. Trading in financial markets involves risks, and it is advised to conduct thorough research and consult with a financial advisor before making any trading decisions.
Gap Up Opening:
If NIFTY opens with a gap up above 22750, we anticipate a potential profit booking phase around this level. A short trade could be considered with a stop loss (SL) set at 22775, targeting levels of 22700, 22660, and 22620. Should the price sustain above 22775, we foresee a trading range between 22775-22800, with a possibility of an upward thrust towards 22990 – 23000 in the near future.
Flat Opening:
A flat opening below 22660 might see support near 22620 – 22600, suggesting a buying opportunity with a SL of 22590 and targets at 22712 – 22745. Alternatively, if prices dip below 22600, a short trade with a SL of 22620 could be initiated, targeting 22570, 22550, and 22500. Given the numerous support levels below 22600, it is advisable to adopt buy trades cautiously with a small SL of 20 points below each level.
Gap Down Opening:
In the scenario of a gap down opening below 22600, initial support levels lie at 22571 and 22500. A buying opportunity may arise if prices swiftly recover from 22500 and breach 22550, targeting 22600 – 22660. Conversely, a drop below 22500 could lead to a sharp decline towards 22387.
Conclusion:
Navigating NIFTY on 9th April involves a keen observation of key levels. While a gap up opening could trigger profit booking, a flat or gap down opening might offer buying opportunities with cautious risk management.
Disclaimer: The trading strategies provided are based on technical analysis and market observations. Trading in financial markets involves risks, and it is advised to conduct thorough research and consult with a financial advisor before making any trading decisions.