Nifty important levels and trade plan for, Monday, 8th May
Nifty important levels and trade plan for tomorrow, Monday, 08.05.23
Nifty may enter into a sideways zone in coming days, which may make us confuse, while plotting the support and resistances and make a trade plan.
For tomorrow, below the zone between 18057 and 18041 we may clearly plan for bearish trade, and above this support level, there is a scope for a buy side trade.
SGX Nifty is almost 54 point positive, if it keeps this advantage for tomorrow also, then we may expect to see a slight gap up opening. In case of this kind of opening, breaching of the support zone in any kind (with or without price action/in any time frame) we will enter into bearish trade. In case of an intraday trade, our targets will be 17994, 17950, 17897 and 17841. In case of a hedged positional trade, we may directly plan for a long run, with 17897 as first level of target.
In case of similar opening, nifty crossing 18108 we may plan for a bullish trade. But in this case, nifty must form a proper price action in 15-minute time frame. 18161, 18222, 18268 will be the target levels, however 18222 will be the threshold level for probable downside reversal. We may carry the trade above 18268 too, but to plot the resistance levels, we need to wait for price action.
In case of gap down opening below the support zone, will have to wait for an initial pullback, and based on price action may plan for bearish trades. And similar will be the approach with opening above 18108 level, but in that case our view will be bidirectional.
*Personal opinion, not at all a trade advice*
Nifty may enter into a sideways zone in coming days, which may make us confuse, while plotting the support and resistances and make a trade plan.
For tomorrow, below the zone between 18057 and 18041 we may clearly plan for bearish trade, and above this support level, there is a scope for a buy side trade.
SGX Nifty is almost 54 point positive, if it keeps this advantage for tomorrow also, then we may expect to see a slight gap up opening. In case of this kind of opening, breaching of the support zone in any kind (with or without price action/in any time frame) we will enter into bearish trade. In case of an intraday trade, our targets will be 17994, 17950, 17897 and 17841. In case of a hedged positional trade, we may directly plan for a long run, with 17897 as first level of target.
In case of similar opening, nifty crossing 18108 we may plan for a bullish trade. But in this case, nifty must form a proper price action in 15-minute time frame. 18161, 18222, 18268 will be the target levels, however 18222 will be the threshold level for probable downside reversal. We may carry the trade above 18268 too, but to plot the resistance levels, we need to wait for price action.
In case of gap down opening below the support zone, will have to wait for an initial pullback, and based on price action may plan for bearish trades. And similar will be the approach with opening above 18108 level, but in that case our view will be bidirectional.
*Personal opinion, not at all a trade advice*
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