Nifty50 Intraday Levels TradePlan Analysis Aug 08Black Line zones - Resistances
R1 - 19617-19639
R2 - 19723-19795
R3 - 19805-19822
R4 - 19842-19876
Green line zones - Demand
S1 - 19593-19574
S2 - 19555-19510
S3 - 19595-19462
S4 - 19350-19295
Analysis:-
Nifty is in a process of forming a retracement , Lower High for the Downtrend formed. But if it moves strong above 19684-19733 which is the 78.6% to 88.6% retracement levels of the previous major swing, which also coincides with the Gap supply zone and out of the falling channel that has formed, then there are high probabilities that the market trend would change to uptrend.
Trade Plan:-
If the Market opens flat,
1) Would look for any rejection at the Trendline and initiate shorts till the demand levels such as today's day low, Friday's day low based on price action and setup confirmation.
2) Can also look for reversal trades at the demand zones marked post consolidation beyond 10:15 AM.
3) One can initiate longs if the trendline breakout happens post-consolidation beyond 60-75 minutes of market opening.
If the Market opens gap up,
1) Will look to short the market at the mentioned supply zones and run till the gap filling happens or till the Trendline support or the marked demand zones based on Technical setup confirmations.
2) One can initiate longs if the trendline breakout happens post-consolidation beyond 60-75 minutes of market opening.
3) Can go long once the gap filling is complete based on Technical setups.
If the Market opens gap down,
1) Will go short if today's or Friday's low is broken.
2) Will go long if gap is at demand levels marked with CONSOLIDATION and setup confirmation. Would look to run till Trendline/Gap resistances.
Happy trading! Please do comment for suggestions.
Please do check for Demand zones below 19200.
