NIFTY: Trading Plan for May 29, 2024Based on recent price movements, NIFTY has experienced a decline as anticipated, yet it hasn't fully completed its corrective structure. Here’s the detailed trading plan for Wednesday, May 29, 2024:
Gap Up Opening:
Opening Above 22920: If NIFTY opens with a gap above 22920 and sustains above 22950 for the first trading hour, it may trade towards the 23011-23027 range, where it could face resistance.
Sustaining Above 23030: Should the price sustain above 23030, expect support around 23011-23000, with potential upward movement towards 23140.
Failure to Sustain: If NIFTY fails to sustain the gap-up opening levels, it could continue its corrective pattern, seeking support between 22855-22830.
Flat Opening:
Initial Support Range: A flat opening might see NIFTY finding initial support in the 22855-22830 range.
Breaking Below 22810: If NIFTY trades below 22810, it could drop to 22762-22738, where buyers might attempt a reversal.
Gap Down Opening:
Opening Below 22800: If NIFTY opens below 22800, it might find support between 22762-22738. Traders should consider buying with a stop loss (SL) at 22700.
Trading Below 22700: Should the price break below 22700, further declines towards 22617-22600 are possible.
Conclusion: Traders should closely monitor the opening levels and the market's ability to sustain those levels to determine the appropriate strategy.
Disclaimer: Trading involves risk, and it's essential to perform due diligence and consider individual risk tolerance before making any trades.