Gap Up Opening:
If NIFTY opens above 22500 and manages to stay above this level for the first hour, it suggests strength. In this case, consider buying with targets at 22600-22650. If it sustains above 22650, it might move sideways between 22700-22629.
On the contrary, if it fails to hold above 22480 for the first hour and drops below 22400, it indicates weakness. In such a scenario, consider shorting with a stop loss (SL) at 22450 and targets at 22318 – 22274.
Flat Opening:
If NIFTY opens flat and breaks higher above 22470, it signals bullishness. Consider buying with a SL of 22400 and targets at 22600 – 22650. Conversely, if it breaks down below 22399, consider shorting with a SL of 22450 and targets at 22318 -22274. A further breakdown below 22250 could lead to a drop to 22147 – 22101.
Gap Down Opening:
In case NIFTY opens lower below 22400, it might test support at 22318 – 22274. If it regains the level of 22340 and trades above it, consider buying with a SL of 22274 and targets at 22500 – 22550. However, if it breaks 22250, expect further downside towards 22147 – 22100.
Disclaimer: This plan is based on technical analysis and market conditions as of the specified date. Traders should exercise their own discretion and consider other factors before making any trading decisions. The market is subject to inherent risks, and past performance is not indicative of future results.