The Nifty 50 index exhibits specific levels and zones that traders may consider for making trading decisions. The range from 22,111 to 22,019 is identified as a no-trading zone, suggesting caution during this interval. Conversely, the range between 22,302 and 22,248 is marked as a resistance zone, indicating potential challenges for upward movements.
For support levels, traders may look at the range from 21,876 to 21,825, which is associated with the previous day's low and open interest (OI) support. This range is considered a crucial area for potential rebounds or trend reversals.
On the other hand, the profit booking zone for long positions is identified between 22,488 and 22,409. Traders may consider this range as an opportune zone to take profits on existing long positions.
In summary, traders should exercise caution within the no-trading zone, be aware of resistance around 22,302 to 22,248, look for support at 21,876 to 21,825, and consider profit booking in the range of 22,488 to 22,409 for long positions. These levels provide a framework for decision-making in the context of Nifty 50 trading.
This is for educational purpose only.
For support levels, traders may look at the range from 21,876 to 21,825, which is associated with the previous day's low and open interest (OI) support. This range is considered a crucial area for potential rebounds or trend reversals.
On the other hand, the profit booking zone for long positions is identified between 22,488 and 22,409. Traders may consider this range as an opportune zone to take profits on existing long positions.
In summary, traders should exercise caution within the no-trading zone, be aware of resistance around 22,302 to 22,248, look for support at 21,876 to 21,825, and consider profit booking in the range of 22,488 to 22,409 for long positions. These levels provide a framework for decision-making in the context of Nifty 50 trading.
This is for educational purpose only.