Nifty Update for 07th October 2021
Nifty Update for 07th October 2021
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IN50USD has given a short-covering move after yesterday's trading session.
Here’s the Trade Setup for today:
According to IND50 data, we are likely to see a gap opening in the Indian Indices.
As we know every Impulse has a correction, Index has formed a “HARMONIC HALF BAT” pattern.
17,770-17,800 will act as resistance because of the “HARMONIC HALF BAT” pattern and higher chances of a range-bound market today as the Index has given moves on both sides this week.
First, we’ll sell the range as today is Expiry and Index may get stuck in a range today:
Range high: 17,800
Range low: 17,600
The total Range is of 200 points which is a quite wider range for the NIFTY 50 Index.
The second Trade opportunity is we sell when the Index comes near 17,800 level with a small stop loss of 25 points for the target of range low i.e., 17,600
Quick Profit booking is requested and we may see decay in the Options premium as today is Expiry!
Trade Accordingly!
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