Nifty is currently standing at a very crucial level of 17800 Intra day traders should always keep in mind the daily trend of the market for panning there trade, so for example if we are planning again the trend we should always trade half or lesser quantity then usual and if with the trend then the normal quantity. so currently nifty is in downtrend in the daily time frame, its like a pull back in the down rally to test the level of 17800 so there is two possible outcome that either its just a pull back and market can continue to or the recent double bottom can be the new low for the upcoming upside rally so now how to trade in such a market, according to me in 15 min time frame it seems kind of a double bottom and market now making higher low, so what can be the possibilities for tomorrow 1) the best case scenario the market opens flat and after 10-20 min breaks out either side and continue the trend so according to me we can short below 17700 with marked targets and buy above 17788 but in half quantity as market is in down trend with respective targets with 30-40 points stop loss both sides 2) market opens gap down, so if market opens gap down it will great fears among the buyers who has taken long position seeing the double bottom so if market starts falling down we can expect sharp long unwinding leading to sharp fall so we can sells on the break of the down side levels 3) the most confusing will be the gap up opening, so if market opens gap up it will great a lot of confusion for both buyers and sellers as there is already we strong resistance level plus there might also be some profit booking to i would like to trade gap up situation and wait for the market to make some price action
that just my point of view, trade at your own risk and trade safe