Nifty important levels and trade plan for 28th September
Nifty is currently showing bearishness, and today’s up move may be considered as a pull back, and tomorrow, we may expect this continuation in pullback, which is highly possible, unless if Nifty opens huge gap down, and possibility of which is not much. Tomorrow, we may expect a flattish opening, based on current Gift Nifty levels.
We may initiate bullish trades in Nifty above 19640 level with limited quantity, and can go with full quantity above 19735 level. First resistance will be 19811 and second will be 19890.
For bearish trade can wait for Nifty to cross below 19640 level, preferably with a price action in 15 minute time frame. Up to 19575, quantity will e limited, and below this level, 19476 and 19395 will be the target levels.
OI data looks neutral, with 19700 will be an important level, sustaining above which, we may expect a bullish trend, and below this level, may expect some sideways to bearish market, with support from 19600 and 19500 levels. And 19800 may offer some resistance, but if sustain above 19700 level then this resistance level may weaken.
*Personal opinion, not a trade advice*
*Support and resistance levels are based on Fibonacci*
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