Nifty important levels and trade plan for Thursday, 6th April
Nifty important levels and trade plan for tomorrow, Thursday, 6th April
In daily time frame Nifty continued its bullish move, and currently near a gap previously formed, from where we may expect a resistance, at the same time if we observe RSI, it is near 60 level, again in 75-minute time frame, RSI is near 80 level, from where we may expect some reversal in price and correction in RSI. So, for tomorrow, we will mainly try to find opportunity in bearish trades, which will be for correction in Nifty in larger time frame, forming bearishness in lower time frame such as 15 or 5 minute.
If we see in 15-minute time frame, zone between 17573 and 17610 will act as resistance zone for tomorrow, for any opening between or near this zone, we may go for trade in downside. 17510, and support zone between 17441 and 17415 will be the initial target levels. For gap down opening up to 17510, we will try to find opportunity in bearish trade only, but with a price action in 15-minute time frame.
Any opening below 17510 level, will wait for a probable reversal from the support zone, or to cross towards downside to enter into a trade. In that case 17369 and 17311 will be the next target levels.
For bearish trade, near resistance zone, or near 17510 level we may go with option buying, but to trade below the support zone will prefer for option selling only.
In case of nifty above the resistance zone, after a flat or slight gap up opening, we may wait for a proper price action to form, and then may try to ride the bullish trend, but here will go with option selling only.
And for bullish trade from the support zone, we may choose to go with option buying. 17698 and 17801 will be the probable resistance levels
Currently option chain looks bullish, with huge buildup at 17700 level in CE side, and considerable open interests at 17500 and 17400 levels in put side, however it may change during the trading session.
Monthly and weekly CPR is spread between 17344 to 17314 and 17289 to 17147 respectively, and we may expect good support from these levels too.
*Personal opinion, not at all a trade advice*
*support levels are plotted based on today’s top, reversal after breaking of which make some effect on support levels*
#nifty
In daily time frame Nifty continued its bullish move, and currently near a gap previously formed, from where we may expect a resistance, at the same time if we observe RSI, it is near 60 level, again in 75-minute time frame, RSI is near 80 level, from where we may expect some reversal in price and correction in RSI. So, for tomorrow, we will mainly try to find opportunity in bearish trades, which will be for correction in Nifty in larger time frame, forming bearishness in lower time frame such as 15 or 5 minute.
If we see in 15-minute time frame, zone between 17573 and 17610 will act as resistance zone for tomorrow, for any opening between or near this zone, we may go for trade in downside. 17510, and support zone between 17441 and 17415 will be the initial target levels. For gap down opening up to 17510, we will try to find opportunity in bearish trade only, but with a price action in 15-minute time frame.
Any opening below 17510 level, will wait for a probable reversal from the support zone, or to cross towards downside to enter into a trade. In that case 17369 and 17311 will be the next target levels.
For bearish trade, near resistance zone, or near 17510 level we may go with option buying, but to trade below the support zone will prefer for option selling only.
In case of nifty above the resistance zone, after a flat or slight gap up opening, we may wait for a proper price action to form, and then may try to ride the bullish trend, but here will go with option selling only.
And for bullish trade from the support zone, we may choose to go with option buying. 17698 and 17801 will be the probable resistance levels
Currently option chain looks bullish, with huge buildup at 17700 level in CE side, and considerable open interests at 17500 and 17400 levels in put side, however it may change during the trading session.
Monthly and weekly CPR is spread between 17344 to 17314 and 17289 to 17147 respectively, and we may expect good support from these levels too.
*Personal opinion, not at all a trade advice*
*support levels are plotted based on today’s top, reversal after breaking of which make some effect on support levels*
#nifty
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