Nifty Important levels and trading plan for Wednesday 20.07.22
Nifty is showing clear bullishness now, and we may expect momentum in its upward move in coming days, as RSI in daily timeframe is above 60.
For directional traders tomorrow zone between 16247 and 16360 will be considered as no trade zone, due to tomorrow’s CPR and previous supply and demand zones.
We will go for directional trade above this zone only. Nifty opening in this zone and crossing the above line we may enter into a bullish directional trade, with 16408, 16451, 16514 and 16610 as resistance levels.
Similarly opening above 16360 up to 16408 we may go for a bullish trades without waiting for price action, after one proper green candle only. Any opening above this level we will have to wait for price action.
In downside, bearish trade can be taken after nifty crossing 16247 with a price action. For any downside opening price action is must as we will be trading against major trend. Important support levels will be at 16185, 16105, 16040 and 15964.
(Green and red colour line are major support and resistance levels, while blue colours are minor)
Important point to notice- Below 18 India VIX, possibly favourable condition for option buyers. Instead of naked option buying we may go for spreads too.
16200 has highest OI in PE side and 16600 has the major OI present at CE side, so we may expect a final closer of this expiry within these levels. Of course, closer we getting to the expiry, closer will be the levels.
*All support and resistance plotted are based on PDH/PDL. For any reversal after breaking PDH/PDL, support and resistance levels will be different*
**Time of plotting the levels and planning 19th July 4:25 PM**
***Personal opinion, not a trading advice***
#NIFTY50
For directional traders tomorrow zone between 16247 and 16360 will be considered as no trade zone, due to tomorrow’s CPR and previous supply and demand zones.
We will go for directional trade above this zone only. Nifty opening in this zone and crossing the above line we may enter into a bullish directional trade, with 16408, 16451, 16514 and 16610 as resistance levels.
Similarly opening above 16360 up to 16408 we may go for a bullish trades without waiting for price action, after one proper green candle only. Any opening above this level we will have to wait for price action.
In downside, bearish trade can be taken after nifty crossing 16247 with a price action. For any downside opening price action is must as we will be trading against major trend. Important support levels will be at 16185, 16105, 16040 and 15964.
(Green and red colour line are major support and resistance levels, while blue colours are minor)
Important point to notice- Below 18 India VIX, possibly favourable condition for option buyers. Instead of naked option buying we may go for spreads too.
16200 has highest OI in PE side and 16600 has the major OI present at CE side, so we may expect a final closer of this expiry within these levels. Of course, closer we getting to the expiry, closer will be the levels.
*All support and resistance plotted are based on PDH/PDL. For any reversal after breaking PDH/PDL, support and resistance levels will be different*
**Time of plotting the levels and planning 19th July 4:25 PM**
***Personal opinion, not a trading advice***
#NIFTY50
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