Overview:
Yesterday's trading session saw NIFTY edging towards a recovery from the lower levels, with prices closing just above a significant resistance zone. Today's plan hinges on whether this rally will sustain or if profit booking will dominate.
Gap Up Opening:
If NIFTY opens with a gap above 22175, look for it to find support in the range of 22153-22175. In such a scenario, consider trading on the buy side with a target of 22286.
Conversely, if prices break below 22153 and start trading under 22150, encountering resistance around 22160-22175, this could indicate a short-side opportunity targeting 22030-22976, with a stop-loss above 22180.
Flat Opening:
In case of a flat opening, NIFTY might initially gravitate towards 22175 and then trade sideways within the range of 22150-22180. A breakdown below 22150 could signal a short trade with a stop-loss at 22180, targeting 22030-22000-22976. Conversely, a breakout above 22180, sustained above 22190, could present a buy trade opportunity with a stop-loss at 22153 and a target of 22286.
Gap Down Opening:
Should NIFTY open with a gap below 22050, consider a buy trade near 22030-22000 with a stop-loss at 21976 and targets of 22150-22175.
If prices breach 21976, a short trade below 22160 could be considered, targeting 21888 with a stop-loss above 22000. 21888 could be an attractive buying level with a stop-loss at the previous day's low, targeting 22200 on the upside.
Conclusion:
NIFTY's trading plan for May 14, 2024, presents various scenarios based on gap openings. Investors should carefully analyze the market's behavior and execute trades with appropriate stop-loss levels and targets to manage risk effectively.
Disclaimer:
This trading plan is for informational purposes only and should not be construed as financial advice. Trading in the stock market involves inherent risks, and individuals should consult with a qualified financial advisor before making any investment decisions.
Yesterday's trading session saw NIFTY edging towards a recovery from the lower levels, with prices closing just above a significant resistance zone. Today's plan hinges on whether this rally will sustain or if profit booking will dominate.
Gap Up Opening:
If NIFTY opens with a gap above 22175, look for it to find support in the range of 22153-22175. In such a scenario, consider trading on the buy side with a target of 22286.
Conversely, if prices break below 22153 and start trading under 22150, encountering resistance around 22160-22175, this could indicate a short-side opportunity targeting 22030-22976, with a stop-loss above 22180.
Flat Opening:
In case of a flat opening, NIFTY might initially gravitate towards 22175 and then trade sideways within the range of 22150-22180. A breakdown below 22150 could signal a short trade with a stop-loss at 22180, targeting 22030-22000-22976. Conversely, a breakout above 22180, sustained above 22190, could present a buy trade opportunity with a stop-loss at 22153 and a target of 22286.
Gap Down Opening:
Should NIFTY open with a gap below 22050, consider a buy trade near 22030-22000 with a stop-loss at 21976 and targets of 22150-22175.
If prices breach 21976, a short trade below 22160 could be considered, targeting 21888 with a stop-loss above 22000. 21888 could be an attractive buying level with a stop-loss at the previous day's low, targeting 22200 on the upside.
Conclusion:
NIFTY's trading plan for May 14, 2024, presents various scenarios based on gap openings. Investors should carefully analyze the market's behavior and execute trades with appropriate stop-loss levels and targets to manage risk effectively.
Disclaimer:
This trading plan is for informational purposes only and should not be construed as financial advice. Trading in the stock market involves inherent risks, and individuals should consult with a qualified financial advisor before making any investment decisions.