Nifty Is in a downtrend, and now we may see a correction form here, in coming days. So, for tomorrow, we may expect green candle in daily time frame, or may have a sideways market with a doji candle.
In chart, zone between blue coloured lines at 17095 to 17980 will be our no trade zone for directional trading. Above this zone we may go for bullish trade, with targets at 17203 and 17349.
For downside, below no trade zone, we may initiate a bearish trade, with target 16889. We may not expect more fall from this level, if Nifty falls below this level, then we will have be dependent on price action and other dynamic support levels, because it is highly unlikely to Nifty to reach 16641, which is the second level of support by tomorrow.
If Nifty opens near first support level, or reaches this level, after price action we may plan a bullish trade. Same will be the scenario near resistance level at 17349, where we may plan a bearish reversal.
But for all the conditions and trade types tomorrow, we will go with limited quantity and with tight stop losses only, as we may see reversal at any level.
17000 in PE side has the highest OI, so we may expect a support from here, if Nifty opens above this level, and 17500 has highest OI in CE side, which leaves some space for Nifty to breathe in upside.
*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 26th September, 9:30 PM**
***Personal opinion, not a trading advice***
In chart, zone between blue coloured lines at 17095 to 17980 will be our no trade zone for directional trading. Above this zone we may go for bullish trade, with targets at 17203 and 17349.
For downside, below no trade zone, we may initiate a bearish trade, with target 16889. We may not expect more fall from this level, if Nifty falls below this level, then we will have be dependent on price action and other dynamic support levels, because it is highly unlikely to Nifty to reach 16641, which is the second level of support by tomorrow.
If Nifty opens near first support level, or reaches this level, after price action we may plan a bullish trade. Same will be the scenario near resistance level at 17349, where we may plan a bearish reversal.
But for all the conditions and trade types tomorrow, we will go with limited quantity and with tight stop losses only, as we may see reversal at any level.
17000 in PE side has the highest OI, so we may expect a support from here, if Nifty opens above this level, and 17500 has highest OI in CE side, which leaves some space for Nifty to breathe in upside.
*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 26th September, 9:30 PM**
***Personal opinion, not a trading advice***
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.
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.