If nifty opens below 16635 and crosses this level with a positive price action, then a bullish trade can be initiated. 16718 and 16793 will act as major resistance.
Foe any gap up opening over 150/180 points need to be careful.
With any opening below today’s high (below weekly CPR) bearish trade can be initiated, when NIFTY crosses 16524 level, which is the bottom of tomorrow’s CPR with bearish price action, 16441, 16395, 16339 will act as supports in that case. Support levels may slightly vary if nifty opens above 16617 level and then break the bottom of tomorrow’s CPR.
Though in 17000 level huge OI is present but considerable OI is also built up in 16700 and 16800 levels in CE side and for PE side highest OI is present at 16300 and in 16500 level also considerable OI is present, and these levels will surely offer support and resistance.
Foe any gap up opening over 150/180 points need to be careful.
With any opening below today’s high (below weekly CPR) bearish trade can be initiated, when NIFTY crosses 16524 level, which is the bottom of tomorrow’s CPR with bearish price action, 16441, 16395, 16339 will act as supports in that case. Support levels may slightly vary if nifty opens above 16617 level and then break the bottom of tomorrow’s CPR.
Though in 17000 level huge OI is present but considerable OI is also built up in 16700 and 16800 levels in CE side and for PE side highest OI is present at 16300 and in 16500 level also considerable OI is present, and these levels will surely offer support and resistance.
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.