Nifty Important levels and trading plan for Wednesday 13.07.22
On daily time frame nifty in pullback of an uptrend, in short term it is bearish, with important support levels at 16010, 15945, 15890 & 15854, 15762 and 15675, below 15675 Nifty will be bearish in daily time frame. Again, major resistances will be at 16096, 16158, 16272 16323 and 16409.
Zone between 16096 and PDL, will be the no trade zone for directional traders. And an ideal opening position for us. With an opening at that range, with one negative candle below PDL, we may short NIFTY. But in Nifty crossing 16096, we will have to wait for proper price action, to go long.
Similarly for gap up opening, for going long we must have a price action.
For gap down opening below 16010 we my go short but have to be careful of major support 15890, there is a big possibility that market may take an “U” turn from that point
16200 level continues to hold the maximum OI in CE side, from last dew days, indicating that market will not be able to break it by this expiry. In PE side it is 16000 which is holding the highest OI, but importantly PE OI is distributed in all the levels below 16000. So we may expect a sideways market in this range. Again, US inflation data is awaited tomorrow., before these kind of event, most of the time we see a sideways market, after the declaration we sometimes see a blast.
*All support and resistance plotted are based on PDH/PDL. For any reversal after breaking PDH/PDL, support and resistance levels will be different*
**Time of plotting the levels and planning 12th July 5:15 PM**
***Personal opinion, not a trading advice***
#NIFTY50
Zone between 16096 and PDL, will be the no trade zone for directional traders. And an ideal opening position for us. With an opening at that range, with one negative candle below PDL, we may short NIFTY. But in Nifty crossing 16096, we will have to wait for proper price action, to go long.
Similarly for gap up opening, for going long we must have a price action.
For gap down opening below 16010 we my go short but have to be careful of major support 15890, there is a big possibility that market may take an “U” turn from that point
16200 level continues to hold the maximum OI in CE side, from last dew days, indicating that market will not be able to break it by this expiry. In PE side it is 16000 which is holding the highest OI, but importantly PE OI is distributed in all the levels below 16000. So we may expect a sideways market in this range. Again, US inflation data is awaited tomorrow., before these kind of event, most of the time we see a sideways market, after the declaration we sometimes see a blast.
*All support and resistance plotted are based on PDH/PDL. For any reversal after breaking PDH/PDL, support and resistance levels will be different*
**Time of plotting the levels and planning 12th July 5:15 PM**
***Personal opinion, not a trading advice***
#NIFTY50