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NIFTY : Trading Levels and Plan for 29-Oct-2024 Intro: On the previous day, Nifty displayed a upward movement from the provided levels in yesterdays trading plan and minor fluctuations within key levels. The chart illustrates potential sideways movement in yellow , an expected bullish trend in green , and a bearish trend in red . For today's trading, we will observe various opening scenarios and outline strategies accordingly. Trading Plan for 29-Oct-2024 Gap Up Opening (100+ points above) If Nifty opens with a 100+ points gap up, it is likely to face resistance near the 24,453 - 24,563 range, which is marked as the Opening Resistance / No Trade Zone . Observe price action here. If Nifty sustains above 24,563 , it may target the Profit Booking Zone around 24,715 - 24,759 . However, if it fails to break above the resistance, expect a potential retracement towards the Opening Support at 24,282 . – In case of strong selling pressure, Nifty could pull back further, aiming toward 24,162 as a potential support. Flat Opening (within 50 points of the previous close) With a flat opening, focus on the initial 30 minutes to gauge market sentiment. If prices sustain above the 24,453 level, we may see a push toward 24,563 . A breakout above 24,563 will likely lead to a bullish trend targeting Profit Booking Zone at 24,715 - 24,759 . However, if it fails to sustain above the No Trade Zone , expect sideways movement or a dip toward 24,282 . – Any move below 24,282 could potentially extend towards 24,162 , testing the Last Intraday Support level. Gap Down Opening (100+ points below) In a gap-down opening, monitor the 24,282 level as the immediate support. If it holds, Nifty may attempt to retest the Opening Resistance Zone around 24,453 . A breakout above this level could bring sideways or bullish momentum up to 24,563 . Failure to reclaim 24,282 may lead to further downside pressure, potentially pulling prices to the Last Intraday Support at 24,162 . – Watch for price stability around 24,162 if it is reached, as this may serve as a potential reversal point. Risk Management Tips for Options Trading Consider setting a defined stop-loss for each options position based on volatility levels; hourly candle closes can be useful for managing intraday risk. Avoid over-leveraging. In options trading, position sizing should reflect the inherent risk and potential for quick price changes. Utilize trailing stops to lock in profits if Nifty moves favorably. This is particularly effective in highly volatile sessions. Summary and Conclusion Today, focus on the key zones: 24,453 - 24,563 as resistance and 24,282 as support. A break above or below these levels could set the day's trend. Use a balanced approach, aligning with the prevailing sentiment indicated by the chart structure. Disclaimer: I am not a SEBI-registered analyst. This analysis is based on personal views and technical parameters. Please conduct your research or consult a financial advisor before making any trading decisions.
NSE:NIFTY
by LiveTradingBox
Bank Nifty Long - Riding the Wave • Technical Analysis: • Trend Analysis: The Bank Nifty has been showing a robust upward trend, consistently forming higher highs and higher lows over the past month. • Support Levels: The index recently bounced off a significant support level, confirming strength in the ongoing trend. • Moving Averages: Bank Nifty is trading above both its 50-day and 200-day moving averages, a strong indicator of continued bullish momentum. • RSI & MACD: Both the Relative Strength Index (RSI) and Moving Average Convergence Divergence (MACD) show bullish divergences, indicating that the upward movement has room to continue. The decision to go long on Bank Nifty was driven by strong technical signals and positive economic fundamentals. This position is intended to capitalize on the potential upward trajectory forecasted by both market sentiment and statistical indicators. I will be monitoring this position closely and plan to adjust my stop-loss and take profit points as the market evolves. #BankNifty #LongPosition #TradingView #MarketAnalysis
NSE:BANKNIFTYLong
by parthvparikh
NIFTY Bears Roar! TP2 Hit, Momentum Building for More!NIFTY 15m time frame Short Trade Entry: 24,827.10 Current Price: 24,565.50 – TP2 completed, moving closer to TP3 and TP4 Key Levels: Stop-Loss (SL): 24,902.70 – Protecting against reversals above resistance. Take Profit 1 (TP1): 24,733.70 – Hit, confirming downtrend initiation. Take Profit 2 (TP2): 24,582.50 – Hit, trend acceleration seen. Take Profit 3 (TP3): 24,431.30 – Approaching the next key target. Take Profit 4 (TP4): 24,337.85 – Final target for this move. Trade Outlook: NIFTY continues its downward journey, with TP2 successfully hit. Bearish pressure remains strong, and we anticipate the next targets being met as the market sustains its downtrend.
NSE:NIFTYShort
by ProfitsNinja
Nifty Next MoveNifty have formed harmonic pattern we can expect a small down trend and after Rally also the area is above 70% of the trend line formation so we can expect buyers in Discount area 📌 Please support me with your likes 🤞🏻 and comments 💬 to motivate me to share more analysis with you and share your any opinion about the possible trend of this chart with me ! Best Regards , Davis 🥰 Hit the like 🤞🏻 button to !! Motive some energy !!🥇 📌 Note : ⨻ Check the live market updates and analysis yourself before buy 📈🔺 or sell 📉🔻 ⨺ Am not giving any advisory or signals its just my idea for upgrade my knowledge 📚 in trading ⨹ This is my pre and post market analysis to improve my trading journey 🚀 ⨂ Am Not suggesting anyone to buy or sell ❌ am just giving my views 👀 ⫸ You are responsible for your trading ✅ not me ❌ ⫷ HAPPY TRADING 🥰
NSE:NIFTY
by TRADING_MASTER_DAVIS
Nifty Plummets! All Targets Achieved in 15-Minute Short TradeTechnical Analysis: Nifty – 15-Minute Timeframe (Short Trade) Nifty provided a clear short trade setup with an entry at 25006.45 on 16th October at 2:45 PM. The trade has been highly successful, with the price reaching all designated profit targets. Key Levels Entry: 25006.45 – The short position was initiated here following a strong bearish signal. Stop-Loss (SL): 25032.75 – Placed above recent resistance to manage risk against a potential reversal. Take Profit 1 (TP1): 24973.90 – The first target was quickly reached, confirming the initial bearish momentum. Take Profit 2 (TP2): 24921.30 – Further downside pressure pushed the price to this level. Take Profit 3 (TP3): 24868.70 – The bearish trend continued, achieving this target. Take Profit 4 (TP4): 24836.20 – The final target, marking a complete and successful trade. Trend Analysis The price stayed firmly below the Risological Dotted trendline, affirming the strength of the bearish trend. The sustained selling pressure helped achieve all targets, indicating strong market momentum in favor of sellers. The short trade on Nifty has concluded successfully, hitting all targets, with the final target at 24836.20. The precision of the entry and the guidance of the Risological Dotted trendline ensured a profitable trade.
NSE:NIFTYShort
by ProfitsNinja