Nifty important levels and trade plan for Friday, 24th May
Nifty important levels and trade plan for Friday, 24th May
In daily time frame Nifty is in an uptrend, and we will mainly focus on bullish trades tomorrow, unless Nifty forms a bearish price action in minimum 15 Minute time frame.
22985 which is almost at the all time high for nifty will be the levels of concern for tomorrow, and Nifty opening below that level, after crossing that particular level will go for bullish trade. 23049, 23145 and 23319 will be the resistance levels. There may be an intermediate resistance level between 23145 and 23319, but due to current price action and unavailability of historic data, it is hard to find. In case of opening above 23985, will wait for a price action to complete and then will enter into bullish trade in case of positive price action in 5 minute time frame, and with bearish price action in 15 minute time frame at the resistance levels plotted, may plan for downside trade, but with limited quantity.
For down side below 22985, will wait for nifty to cross 22850, and then with a price action in 15 minute time frame, may go for bearish price action. 22765, 22696 and 22628 will be the support levels, however in all condition in bearish trade our quantities will be limited.
*This analysis is most effective up to 12:30/1 PM tomorrow*
*Personal opinion, not a trade advice*
*Support and resistance levels are based on Fibonacci*
In daily time frame Nifty is in an uptrend, and we will mainly focus on bullish trades tomorrow, unless Nifty forms a bearish price action in minimum 15 Minute time frame.
22985 which is almost at the all time high for nifty will be the levels of concern for tomorrow, and Nifty opening below that level, after crossing that particular level will go for bullish trade. 23049, 23145 and 23319 will be the resistance levels. There may be an intermediate resistance level between 23145 and 23319, but due to current price action and unavailability of historic data, it is hard to find. In case of opening above 23985, will wait for a price action to complete and then will enter into bullish trade in case of positive price action in 5 minute time frame, and with bearish price action in 15 minute time frame at the resistance levels plotted, may plan for downside trade, but with limited quantity.
For down side below 22985, will wait for nifty to cross 22850, and then with a price action in 15 minute time frame, may go for bearish price action. 22765, 22696 and 22628 will be the support levels, however in all condition in bearish trade our quantities will be limited.
*This analysis is most effective up to 12:30/1 PM tomorrow*
*Personal opinion, not a trade advice*
*Support and resistance levels are based on Fibonacci*