Nifty Important levels and trade plan for Monday, 12.09.22
If we see SGX Nifty, it is at an important resistance zone and RSI is over level 60 in 15-minute time frame. And we may expect it to breakout the resistance zone and then by tomorrow morning it may reach the next resistance zone almost 70 points above the current level and in that case, we may see a gap up opening of almost 100 points, in Nifty tomorrow. But if SGX nifty respects the first resistance zone then we may expect a reversal form here and then we may see a gap down opening of 60 points in Nifty tomorrow. So, without any big event, there will be no possibility for nifty to open huge gap up or down. (it is my expectation, based on conditions, not prediction)
On daily time frame Nifty is in correction of an upward trend, and it will be considered as bullish until over 17645. Now in case of flat opening, we will enter into sell trade if nifty breaks the low of first five-minute candle, below 17859, 17803, 17742 and 17695 will be the target levels in downside. For opening near 17803, we will wait for initial profit booking and after nifty forming a proper lower low, will enter into a trade. Will avoid bullish trade in this scenario. However depending upon the conditions, if Nifty reaches near 17695, then we may consider a bullish trade.
Nifty opening flat and then after crossing 17902 level with a price action, will enter into bullish trade. 17947, 18007 and 18069 will be the important resistance levels. For any opening near and above 17907 level also, we may witness an upside spike at the opening and after initial settlement, may enter a bullish trade. Range between 17859 and 17902 will be considered as no trade zone for directional traders. and depending upon the option IV we may enter a long straddle or strangle in this zone.
OI data looks little bearish having huge OI present in 17900 and 18000 levels in CE side, compared to no significant OI in PE side.
*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 11th September, 11:40 AM**
***Personal opinion, not a trading advice***
#NIFTY50
On daily time frame Nifty is in correction of an upward trend, and it will be considered as bullish until over 17645. Now in case of flat opening, we will enter into sell trade if nifty breaks the low of first five-minute candle, below 17859, 17803, 17742 and 17695 will be the target levels in downside. For opening near 17803, we will wait for initial profit booking and after nifty forming a proper lower low, will enter into a trade. Will avoid bullish trade in this scenario. However depending upon the conditions, if Nifty reaches near 17695, then we may consider a bullish trade.
Nifty opening flat and then after crossing 17902 level with a price action, will enter into bullish trade. 17947, 18007 and 18069 will be the important resistance levels. For any opening near and above 17907 level also, we may witness an upside spike at the opening and after initial settlement, may enter a bullish trade. Range between 17859 and 17902 will be considered as no trade zone for directional traders. and depending upon the option IV we may enter a long straddle or strangle in this zone.
OI data looks little bearish having huge OI present in 17900 and 18000 levels in CE side, compared to no significant OI in PE side.
*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 11th September, 11:40 AM**
***Personal opinion, not a trading advice***
#NIFTY50