Perfect shortMade a position which come to book. I was waiting for a perfect supply zone on the top where i can make short position along with futures.
NIFTY trade ideas
#NIFTY Intraday Support and Resistance Levels - 25/10/2024Flat or slightly gap up opening expected in nifty. After opening expected nifty will consolidated between 24400-24500 zone. Bullish rally only expected if nifty gives breakout of 24500 level and sustain above this level. Downside expected if nifty starts trading below 24400 level.
What's in Nifty?The way I see the chart nowadays, NSE:NIFTY will touch 24465 on momentum and then might come down for a time being and then try to attempt achieve 24728 and will close in Green.
The downside support is now at 24350
So basically it is now the game between 24400 and 24500 as per the OI data reading.
As per the Open Interest data, FII sold both, CE and PE. Meaning they are preparing for the rangebound market - sideways or consolidation - between 24400 and 24500.
What should retailers (WE) do? - Don't trade between this range. Pick stocks near their long and mid term moving average.
I know, many traders who have emerged in the bull market, will be afraid of this type of volatile market. But believe me this is a healthy correction and needed to burst out the bubble from the market. So brace yourself for new learnings.
Another advise for retailers is - Invest in learning as much as you can do. Read books. AVOID YouTube tutors. Take class from any teacher you would like to. But make sure you do learn in this market. You won't be getting such opportunity every now and then.
Chees to a profitable day ahead.
Nifty 50 Index (1H) – Critical Support and Trading Plan#Nifty 50 Index (1H)
The Nifty 50 Index has entered a crucial juncture on the 1-hour timeframe, and we are witnessing price action testing the major support zone between 24,400 and 24,700. Let’s break down what we are seeing and potential scenarios moving forward:
Key Observations:
1. Support Zone:
The price is currently hovering around a well-established support zone. Historically, this area between 24,400 and 24,700 has acted as a demand zone, where buyers have stepped in to push the price higher.
However, we are seeing some bearish pressure leading into this zone, as evidenced by the consecutive red candles leading to this level. A failure to hold here could lead to more downside movement.
2. RSI Indicator:
The RSI (Relative Strength Index) is currently sitting around 35.71, close to the oversold region.
Historically, whenever RSI approaches this zone, we often witness a reversal or bounce, especially if the price aligns with key support levels like the one we are currently at.
If RSI dips further and enters the oversold territory (below 30), it could signify an extended bearish move before a potential reversal.
3. Volume Analysis:
The Volume MA shows significant trading activity in this region, which indicates traders are positioning for the next move, either a bounce or a break.
Rising volume during a retest of support typically suggests there is strong interest from both buyers and sellers, and could result in a volatile move soon.
Potential Trade Scenarios:
1. Bullish Scenario:
If Nifty 50 manages to hold above the 24,400 level and shows signs of strength (like bullish candlestick patterns or an increase in buying volume), we could see a reversal.
Upside targets:
Initial target: 24,700 (upper bound of the current range).
Next potential target: 25,000+ if momentum builds beyond the immediate resistance.
2. Bearish Scenario:
On the other hand, if the price breaks below 24,400 and closes decisively below this support zone (especially on higher timeframes like the 1H or 4H chart), it could open the door for further downside.
Downside targets:
Immediate target: 24,100, where the next major support lies.
Further downside: If bearish pressure intensifies, the market may see a drop toward 23,800, which aligns with previous lower lows on the chart.
Trading Plan:
For Long Trades:
Watch for bullish confirmation (like hammer/reversal candles) near 24,400. A successful hold of this zone could trigger a long entry, with a tight stop-loss placed slightly below 24,350.
Take-profit targets:
First exit at 24,700.
Extended target toward 25,000.
For Short Trades:
A break and close below 24,400 with high volume might signal a short entry opportunity.
Set a stop-loss around 24,550 to avoid fakeouts.
Target zones:
First target at 24,100.
Lower target at 23,800 for extended profits.
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In Summary: The Nifty 50 is sitting at a make-or-break level. The reaction in this support zone will likely define the market's direction for the near term. Traders should be cautious, waiting for confirmation signals before committing to either direction. Keep an eye on volume spikes and RSI movements for additional clues.
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#Nifty50 #TechnicalAnalysis #StockTrading #SupportAndResistance #PriceAction #RSI #VolumeAnalysis #TradingStrategy #BreakoutOrBounce #IndianMarket #NSE #StockMarket #BullsAndBears
NIFTY S/R for 25/10/24Support and Resistance Levels:
Support Levels: These are price points (green line/shade) where a downward trend may be halted due to a concentration of buying interest. Imagine them as a safety net where buyers step in, preventing further decline.
Resistance Levels: Conversely, resistance levels (red line/shade) are where upward trends might stall due to increased selling interest. They act like a ceiling where sellers come in to push prices down.
Breakouts:
Bullish Breakout: When the price moves above resistance, it often indicates strong buying interest and the potential for a continued uptrend. Traders may view this as a signal to buy or hold.
Bearish Breakout: When the price falls below support, it can signal strong selling interest and the potential for a continued downtrend. Traders might see this as a cue to sell or avoid buying.
20 EMA (Exponential Moving Average):
Above 20 EMA(50 EMA): If the stock price is above the 20 EMA, it suggests a potential uptrend or bullish momentum.
Below 20 EMA: If the stock price is below the 20 EMA, it indicates a potential downtrend or bearish momentum.
Trendline: A trendline is a straight line drawn on a chart to represent the general direction of a data point set.
Uptrend Line: Drawn by connecting the lows in an upward trend. Indicates that the price is moving higher over time. Acts as a support level, where prices tend to bounce upward.
Downtrend Line: Drawn by connecting the highs in a downward trend. Indicates that the price is moving lower over time. It acts as a resistance level, where prices tend to drop.
RSI: RSI readings greater than the 70 level are overbought territory, and RSI readings lower than the 30 level are considered oversold territory.
Combining RSI with Support and Resistance:
Support Level: This is a price level where a stock tends to find buying interest, preventing it from falling further. If RSI is showing an oversold condition (below 30) and the price is near or at a strong support level, it could be a good buy signal.
Resistance Level: This is a price level where a stock tends to find selling interest, preventing it from rising further. If RSI is showing an overbought condition (above 70) and the price is near or at a strong resistance level, it could be a signal to sell or short the asset.
NIFTY : Trading Levels and Plan for 25-Oct-2024Introduction:
The previous trading session on 24th October 2024 witnessed a relatively range-bound movement, with Nifty holding above key intraday support levels. Price action indicated a consolidation phase, with attempts to test resistance zones, especially towards the 24,675 to 24,771 region, which acted as a barrier for further upside. However, strong buying interest was visible near the 24,299 support, which provided a cushion. Going into the session of 25th October 2024, we’ll analyze the possible opening scenarios to determine a strategic approach.
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Trading Plan for 25th October 2024:
Gap Up Opening (100+ points):
If Nifty opens with a gap up above 24,500:
⠀⠀- Watch the 24,637 zone as the First Resistance for Retracement . Profit booking is likely around this level, and traders should be cautious of false breakouts.
⠀⠀- A sustained move above 24,771 could lead to sideways movement or further corrections as Nifty approaches the Last Intraday Resistance .
⠀⠀- Look for rejection or consolidation signals near resistance before considering shorts. For a more aggressive approach, breakouts above 24,771 may be considered for quick scalps, but with tight stop losses.
⠀⠀- Downside retracement is expected towards the opening support of 24,299, which will act as an intraday support for bulls to regain control.
Flat Opening:
If Nifty opens around the previous close (24,412):
⠀⠀- Observe price action near 24,419 and 24,361 for direction confirmation. A bounce from the opening levels could take Nifty towards 24,637, where resistance is expected to kick in.
⠀⠀- If the opening support (24,299) breaks on an hourly candle close, expect downside momentum to increase. The next support level to watch will be 24,163, where buyers may potentially attempt a pullback.
⠀⠀- Traders looking for a retracement trade should consider opportunities near 24,299, keeping a stop loss slightly below 24,163. A flat opening offers good risk/reward if prices move towards the first resistance level (24,637).
Gap Down Opening (100+ points):
If Nifty opens with a gap down near 24,300 or below:
⠀⠀- The 24,163 level will act as the Last Intraday Support . If Nifty holds above this, expect buyers to regain control and push the index back towards the 24,299 zone.
⠀⠀- Failure to hold 24,163 could push Nifty towards the Do or Die Zone around 23,740, which is crucial for a possible bottom for the current correction. Any breach of this level will increase selling pressure, driving the index down to 23,590.
⠀⠀- Risk should be tightly controlled, as gap-down opens often trigger swift price actions, and patience is required to avoid getting trapped in volatility. Wait for clear price action confirmation before taking a position.
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Risk Management Tips for Options Trading:
Utilize hedged strategies like Bull Call or Bear Put spreads to limit risk in a volatile market environment.
For directional trades, always enter with clear stop losses, especially during high volatility. Keep position sizing in control to avoid major drawdowns.
Avoid entering at extremes (Gap up or Gap down) unless there is a clear breakout or breakdown confirmation. Use hourly closes to manage risks.
For short-term trades, book profits at key resistance levels and trail stop losses to secure gains in trending moves.
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Summary & Conclusion:
For the 25th October 2024 session, Nifty will be reacting to major resistance and support zones with potential retracements or corrections. Key levels to watch include 24,637 on the upside and 24,163 on the downside. Patience and confirmation of price action are essential before entering trades. Option traders should focus on spreads and protective strategies to manage the inherent risk in the current volatile market conditions.
Disclaimer:
I am not a SEBI-registered analyst. All levels and strategies shared are based on personal analysis. Please conduct your research or consult with a financial advisor before making any trading decisions.
Nifty & Bank Nifty Analysis and Trade Plan for 25th OctobeNifty & Bank Nifty Analysis and Trade Plan for 25th Octobe
Nifty 1H TF: good risk rewardNifty trying to create its base here in 1 hour time frame.
Nifty created DOJI & Mother candle in 1H time frame today morning. Currently trading near low of Doji & can break up side of Doji.
its just personal view & can be wrong. This post is for educational purpose only. Your profit your loss.
First you Lear & then remove "L"
Nifty : read for tomorrow upNifty trying to create base near dailly support & created DOJI candle in 1 hour tf
in 15 min trying to break out pattern. keep watch CMP 24402
Patience is the key.The falling wedge is a clear indication of the market getting ready for a bullish reversal. The doji is indicating indecison. All you have to do is wait. If you have booked your losses don't worry, wait for the breakaway from the Resistance.
#NIFTY Intraday Support and Resistance Levels - 24/10/2024Slightly gap up opening in nifty. After opening if it's sustain above 24500 level then possible upside rally upto 24700 level. Strong downside expected below 24400 level. 24400-24500 will act as a consolidation zone for nifty. Downside next support will be 24200 for nifty.
Nifty 50 Downtrend continueNifty 50 made Head and Shoulder pattern in daily time frame. Nifty may go up couple of session to the shoulder then drop again. approx 1500 points target complete the Head and shoulder pattern.
NIFTY : TRADING PLAN AND LEVELS FOR 24-Oct-2024Nifty Trading Plan for 24th October 2024
In the previous session, Nifty traded within a narrow range, showing slight weakness towards the end but holding support at 24,358. Resistance was tested near 24,611, but no significant breakout occurred. This suggests that the market is consolidating, and a decisive move might happen soon. Let's prepare for all opening scenarios on 24th October 2024.
Gap-Up Opening (100+ Points):
If Nifty opens above 24,611, watch for confirmation of a breakout above the 24,650 level, which is a key resistance zone.
If 24,650 is broken and sustained, the next target would be 24,696, where we could see sellers stepping in.
Set a stop-loss below 24,611 for long trades to manage risk effectively. If the breakout fails, Nifty could retest 24,501 support.
In case of a false breakout, expect a retracement to the 24,501 zone, where price action can be monitored for possible reversal.
Flat Opening:
If Nifty opens flat around 24,436, monitor the range between 24,442 and 24,501 for any breakouts.
A move above 24,501 could trigger a rally toward the 24,611 resistance level. Watch for price action around this zone for either a continuation or a reversal.
On the downside, a break below 24,442 could lead to a move toward the 24,358 support level, and a further break could push prices down to the 24,298 support zone.
Set stop-losses below 24,358 for long trades and above 24,501 for shorts to protect against sudden reversals.
Gap-Down Opening (100+ Points):
If Nifty opens with a gap down below 24,358, expect increased selling pressure, with an immediate target of 24,298.
If 24,298 holds as support, a reversal trade could be initiated, but it's crucial to wait for a confirmed bounce before entering long positions.
If the gap-down results in a break below 24,298, further declines towards 24,164 are possible, where buyers may look to defend.
Maintain a stop-loss below 24,298 for long positions and above 24,358 for short trades to manage risk in case of sharp movements.
Risk Management Tips for Options Trading:
For a gap-up scenario, consider call spreads to limit risk as Nifty approaches resistance zones like 24,650 and 24,696.
In case of a gap-down, consider put spreads or long puts to capitalize on increased downside volatility.
Avoid holding naked positions in high-volatility areas. Opt for limited-risk strategies like iron condors or vertical spreads to minimize losses.
Be prepared to exit quickly if Nifty approaches key support or resistance zones, as sudden reversals can cause options premiums to decay rapidly.
Summary & Conclusion:
For 24th October 2024, the key levels to watch are 24,611 on the upside and 24,358 on the downside. A gap-up could see a move toward 24,696, while a gap-down might bring Nifty closer to 24,298 or 24,164. Volatility is expected, and it's crucial to maintain strict stop-losses to minimize risk. In options trading, consider spread strategies to manage volatility and protect against sharp reversals.
Disclaimer: I am not a SEBI registered analyst. This trading plan is based on my personal analysis using technical parameters. Traders are advised to conduct their own research or consult with a financial advisor before making any trading decisions.
Nifty Intraday Levels 24-OCT-2024, Sell Trend Continue Today Nifty also reversed near "Reaction Area", we can consider that area as resistance.
Nifty is now trading away from selling area and a pullback is possible from buyer side. Only "Resistance Area" is the most safest place to sell in nifty.
Wait for the price pullback and sell only when price is reversing from selling zone "Resistance Area" Near 24520.
If price is waiting near today closing price and making 3-4 candles in 5 min timeframe then breakdown. We can also sell after that but first wait for the buyers to come and defend the price.
Note : Its just an analysis, wait for the price to confirm.
Disclaimer : Always follow risk to reward, this is the only key to success in market, no matter how much good a trade is looking we never know the future.
Downtrend on nifty tracking this 30m channel in nifty, its been acting as interesting support & resistance on both sides
waiting for a clean break
NIFTY S/R for 24/10/24Support and Resistance Levels:
Support Levels: These are price points (green line/shade) where a downward trend may be halted due to a concentration of buying interest. Imagine them as a safety net where buyers step in, preventing further decline.
Resistance Levels: Conversely, resistance levels (red line/shade) are where upward trends might stall due to increased selling interest. They act like a ceiling where sellers come in to push prices down.
Breakouts:
Bullish Breakout: When the price moves above resistance, it often indicates strong buying interest and the potential for a continued uptrend. Traders may view this as a signal to buy or hold.
Bearish Breakout: When the price falls below support, it can signal strong selling interest and the potential for a continued downtrend. Traders might see this as a cue to sell or avoid buying.
20 EMA (Exponential Moving Average):
Above 20 EMA(50 EMA): If the stock price is above the 20 EMA, it suggests a potential uptrend or bullish momentum.
Below 20 EMA: If the stock price is below the 20 EMA, it indicates a potential downtrend or bearish momentum.
Trendline: A trendline is a straight line drawn on a chart to represent the general direction of a data point set.
Uptrend Line: Drawn by connecting the lows in an upward trend. Indicates that the price is moving higher over time. Acts as a support level, where prices tend to bounce upward.
Downtrend Line: Drawn by connecting the highs in a downward trend. Indicates that the price is moving lower over time. It acts as a resistance level, where prices tend to drop.
RSI: RSI readings greater than the 70 level are overbought territory, and RSI readings lower than the 30 level are considered oversold territory.
Combining RSI with Support and Resistance:
Support Level: This is a price level where a stock tends to find buying interest, preventing it from falling further. If RSI is showing an oversold condition (below 30) and the price is near or at a strong support level, it could be a good buy signal.
Resistance Level: This is a price level where a stock tends to find selling interest, preventing it from rising further. If RSI is showing an overbought condition (above 70) and the price is near or at a strong resistance level, it could be a signal to sell or short the asset.
Another day another weak show by Nifty. Nifty again could not sustain the highs of the day and ended up in the negative. Nifty on an hourly chart is spiralling downwards in a downward parallel channel. Every bounce even if it is a small one is seen as an opportunity to sell specially by the FIIs. Even today the signs or signals for bottom formation are not visible.
To know more about a parallel channel do read my book the Happy Candles Way to Wealth Creation available on Amazon in paperback and Kindle version.
One thing is for sure upward curve also starts out of nowhere just like the downward slide started out of nowhere so there is no need to sweat about it as the Macros for India remain healthy. Dollar index gaining more and more strength is a sign of concern however. Once the Dollar starts to relent we will see a better performance from many sectors. RSI of Dollar index is just starting to touch the overbought zone.
Nifty supports remain at 24370, 24149, 23806 and finally 23111.
Resistance levels for Nifty remain at 24592, 24757 and 25069 levels.
Disclaimer: The above information is provided for educational purpose, analysis and paper trading only. Please don't treat this as a buy or sell recommendation for the stock. We do not guarantee any success in highly volatile market or otherwise. Stock market investment is subject to market risks which include global and regional risks. We will not be responsible for any Profit or loss that may occur due to any financial decision taken based on any data provided in this message.
Nifty likely to touch 24850 tomorrow.. Last week.. friday to till date nifty have aggressively broke its previous lows.. But currently it trades outside its value area and hoping to touch its VPOC earliest.. in addition to there is bullish divergence and double bottom at base.. trigger will be when it starts trading above 20 ema in 30 min chart i.e. above middle band in bollinger band..
Nifty Weekly Chart Indicate CorrectionNifty Weekly Chart Indicate Correction towards the support of the trendline formed in covid times.
NIFTY view for coming sessions Keeping geopolitical tensions in mind this is broader Indian market view. As US elections are closer the bearish view intact.
