Nifty important levels and trade plan for Monday, 15th May
Nifty important levels and trade plan for tomorrow, Monday, 15th May
Current trend of Nifty in daily time frame is little dicey, and in current condition, we will have to wait for Nifty to break certain levels to term it as bullish or bearish. However, we have marked probable important support and resistance levels for tomorrow, and we will try to make a trade plan based on these levels.
For Monday, the range between 18302 and 18256 will be the no trade zone, and will avoid to initiate any trade between these levels.
Now based on current SGX levels, we may expect a flattish to gap down opening tomorrow, and we will plan accordingly.
In case of flat opening, above no trade zone, will wait for a price action to complete to enter in either side. For bullish trade, our targets will be 18348, form where there is a possibility of reversal, and after this, 18391, 18448 and 18518 well be the subsequent resistance levels.
For bearish action, which will be the favorable one, will wait for Nifty to cross the No trade zone, and then will enter into a trade. 18227, 18193, 18153 and 18095 will the major support levels. Here from bottom, Nifty may take reversal for 18193 level.
For any gap down opening, between, or below no trade zone, we will wait to form a price action to enter in sell side trades, for buy side, will wait for Nifty to cross the no trade zone.
In case of gap down opening, or opening near 18193 level, we may plan for a direct bullish trade, with or without price action, in any time frame, and Nifty below this level, there is a very small chance of recovery in coming days.
Oi data looks little inconclusive too, with 18300 level slightly balanced by both CE and PE and with build up in 18200 level in PE side we may expect some support, similarly resistance form 18500 level, based on OI buildup in CE side.
*Personal opinion, not a trade advice*
**Support and resistance levels are plotted based on Fibonacci**
Current trend of Nifty in daily time frame is little dicey, and in current condition, we will have to wait for Nifty to break certain levels to term it as bullish or bearish. However, we have marked probable important support and resistance levels for tomorrow, and we will try to make a trade plan based on these levels.
For Monday, the range between 18302 and 18256 will be the no trade zone, and will avoid to initiate any trade between these levels.
Now based on current SGX levels, we may expect a flattish to gap down opening tomorrow, and we will plan accordingly.
In case of flat opening, above no trade zone, will wait for a price action to complete to enter in either side. For bullish trade, our targets will be 18348, form where there is a possibility of reversal, and after this, 18391, 18448 and 18518 well be the subsequent resistance levels.
For bearish action, which will be the favorable one, will wait for Nifty to cross the No trade zone, and then will enter into a trade. 18227, 18193, 18153 and 18095 will the major support levels. Here from bottom, Nifty may take reversal for 18193 level.
For any gap down opening, between, or below no trade zone, we will wait to form a price action to enter in sell side trades, for buy side, will wait for Nifty to cross the no trade zone.
In case of gap down opening, or opening near 18193 level, we may plan for a direct bullish trade, with or without price action, in any time frame, and Nifty below this level, there is a very small chance of recovery in coming days.
Oi data looks little inconclusive too, with 18300 level slightly balanced by both CE and PE and with build up in 18200 level in PE side we may expect some support, similarly resistance form 18500 level, based on OI buildup in CE side.
*Personal opinion, not a trade advice*
**Support and resistance levels are plotted based on Fibonacci**
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