NIfty50 opened with a gap today, you already had an idea of such an opening as I have mentioned in my previous post, that there are high chances of either gap up or gap down opening.
Nifty opened above the resistance zone of 18250, though did not sustain the move in the first 15 min and formed the same open high bear candle, making it obvious that it will be moving towards your next support levels @ 18166- 18160.
Since nifty50 did not hold the highs in the first 15 minutes and formed a weak candle the same candle high would now act as resistance for tomorrow i.e 18288-18296
Now today's move again suggests either a gap up or gap down opening tomorrow.
Now if it sustains 18150 levels, it might test today's high i.e 18296
and if it opens below 18150 or did not sustain the same level in the first 15 minutes, it most probably is moving towards NIfty 50 positional support at 17850-17950.
Opening: Gap up or Gap down
Volatility: High
Support: 18150 and 17950-17850
Resistance: 18288- 18300
Nifty opened above the resistance zone of 18250, though did not sustain the move in the first 15 min and formed the same open high bear candle, making it obvious that it will be moving towards your next support levels @ 18166- 18160.
Since nifty50 did not hold the highs in the first 15 minutes and formed a weak candle the same candle high would now act as resistance for tomorrow i.e 18288-18296
Now today's move again suggests either a gap up or gap down opening tomorrow.
Now if it sustains 18150 levels, it might test today's high i.e 18296
and if it opens below 18150 or did not sustain the same level in the first 15 minutes, it most probably is moving towards NIfty 50 positional support at 17850-17950.
Opening: Gap up or Gap down
Volatility: High
Support: 18150 and 17950-17850
Resistance: 18288- 18300
