If the NIFTY index opens with a gap up above 22500 and manages to sustain, it may encounter resistance around 22547 – 22568. A breakthrough above this range could potentially drive prices to new highs around 22600 – 22626. Conversely, breaking below the lower range of this resistance zone might trigger profit booking, leading prices down to levels of 22458, 22400, and 22350.
In the event of a flat opening, a potential downward movement may occur within the range of 22498 – 22464, with possible extensions down to 22381-22367. Below 22350, further decline could be expected towards 22339 – 22320. This range could act as support for a reversal, presenting a buying opportunity with a stop loss at 22270 and targets at 22400 – 22450- 22500. Should prices sustain above 22500 after a flat opening, they may target levels of 22547 – 22568- 22600 – 22626.
On a gap down opening below 22400, traders might consider a buying opportunity near 22320 – 22300, with a stop loss below 22270 and initial targets at 22380 – 22400 – 22450. However, failing to hold support at 22270 could lead to a sharp drop towards 22197 – 22100.
Disclaimer: The trading levels and plan provided above are based on technical analysis and market observations. Traders should conduct their own research and analysis or consult a financial advisor before making any trading decisions.