Gap Up Opening above 22550:
If NIFTY sustains above 22550 after the opening bell, it might face resistance around 22571-22580. A subsequent trade lower towards 22425-22382 could occur, finding support for a potential higher move. Alternatively, if the price breaks above 22580, it may trade sideways within the range of 22580-22602, with a breakout above 22610 signaling a move towards 22699.
Flat Opening near 22450:
In the scenario of a flat opening around 22450, NIFTY could find support around 22424-22380. A higher trade towards 22500-22524 and possibly 22571 could be anticipated. However, if the price breaks below 22380, it might decline to 22335 and further to 22277.
Gap Down Opening below 22350:
Should NIFTY open with a gap down below 22350, it may find support within the range of 22335-22277, trading sideways in this zone. Buyers might consider entering long positions for a potential trend change towards 22500-22550. However, a failure to hold above 22335 could lead to a sharp decline towards 22200-22140-22100.
Conclusion:
In summary, NIFTY's price movements on May 6, 2024, could be influenced by different opening scenarios. Traders should carefully observe key support and resistance levels mentioned above to make informed decisions.
Disclaimer:
The above analysis is for informational purposes only and should not be considered as financial advice. Trading in the stock market involves risk, and individuals should conduct their own research or consult with a financial advisor before making any investment decisions.