NIFTY Trading Plan for April 29, 2024Gap Up Opening:
In the event of a gap-up opening, it's essential to observe if the price remains above 22500 for the first hour without breaching the previous trading day's low. Sustained trading above this level could lead the price towards the target of 22573. Further upward movement beyond this level might encounter resistance at 22688. Conversely, failure to maintain above 22500 may indicate sideways to negative movements towards support levels at 22387, 22283, and potentially 22238, with a potential further decline below 22200.
Flat Opening:
For a flat opening, a buying opportunity arises if prices sustain above 22473 for the first hour. In this scenario, the price may ascend towards 22573, with potential for a breakout to new highs upon surpassing this resistance. Conversely, if prices begin trading below 22387, a decline towards 22283 and 22238 could be expected, with the possibility of finding support at these levels. A buying opportunity might present itself with a stop loss at 22180, targeting 22386 to 22450.
Gap Down Opening:
Should the market open with a gap down below 22350 and experience rejection near 22387, a short trade could be considered with targets at 22283 and 22238, using a stop loss at 22410. Alternatively, if prices reclaim the level of 22450 after the gap down and sustain above 22473, an upward trajectory towards 22573 and 22688 may occur.
Disclaimer: Trading in financial markets involves risk. The above levels and plan are based on technical analysis and historical data, and may not guarantee future results. Traders are advised to exercise caution and implement risk management strategies.