Nifty analysis and trade plan for Monday, 20th February
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Nifty analysis and trade plan for Tomorrow, Monday, 20th February
Currently in daily time frame Nifty is in correction of an uptrend and in 75 minute time frame it may be termed as bearish, and to continue its major trend, which is up trend in daily time frame, it must take reversal from its current levels, and we may see the same as it was indicated by Nifty forming bullish price action in 15 Minute time frame, on Friday.
Currently SGX nifty is 56 points positive, and on Monday Morning, also we can expect the same trend in SGX, and may see a good gap up opening in Nifty.
For Monday- 18010, 17077 and 18133 will be the major resistance levels for Nifty, for a gap up opening near those resistance levels, we may expect to see an initial pullback before its upside continuation, with initial support at 17959, which is the top of our no trade zone for tomorrow, from where a bullish reversal is possible.
After an initial pullback if Nifty continues an up move then 18077 will be the threshold level from where it may take a proper reversal, but above this level chances of bearish reversal is low.
Now, if nifty crosses bottom of no trade, then we may expect to see a down move, in this case 17884, 17849, 17805 will be the important support levels, and below 17805 it will be a nose dive. It is important to note that, support levels may slightly vary, if Nifty starts its down move after breaking Friday's closing. If we see OI that, then it looks like 18000 level may offer good resistance, with huge OI build-up and 17500 level can offer some support with considerable OI in PE side.
*Strictly a personal opinion, not at all a trade advice*
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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.