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NIFTY : Trading Levels and Plan for 28-Oct-2024Nifty Trading Plan for 28-Oct-2024 **Previous Day Recap**: Nifty experienced volatility yesterday, with a downward bias. Major support levels held around the **24080-24100** mark, indicating potential buying interest. However, resistance levels remain active, with **24,276** serving as a pivot zone. For today, trends are illustrated as follows: - **Yellow** trend signifies a sideways market. - **Green** trend indicates a bullish outlook. - **Red** trend reflects a bearish sentiment. Opening Scenarios for 28-Oct-2024 Gap Up Opening (+100 points or more) If Nifty opens with a gap up of 100+ points: - Immediate resistance can be seen at **24,276**. A break above this may push the index towards the **24,392** level, which acts as the Last Resistance for Intraday . - Consider booking profits if Nifty approaches the **24,531 - 24,589** zone (highlighted as Profit Booking Zone ) as sellers might attempt to re-enter. - If resistance at **24,276** holds and shows weakness, expect a potential pullback towards **24,143** for support. Flat Opening In case of a flat opening near **24,210**: - Initial support is at **24,191**, followed by a stronger base around **24,143**. - If Nifty moves up from these levels, the next resistance can be expected at **24,276**. Watch closely for consolidation in this area, as a breakout could trigger a rally toward **24,392**. - A failure to hold support at **24,143** could signal a downtrend, targeting **23,998** and below. Gap Down Opening (-100 points or more) For a gap down opening of -100 points or more: - Initial support will likely emerge around **23,998**. If this holds, a bounce is expected toward **24,143**. - If **23,998** breaks, the next significant support level sits at **23,740**, marked as the Possible Bottom Zone for Current Trend . This is a critical level; a breach could lead to a deeper correction towards **23,590**. - A recovery from this lower level may indicate reversal buying, ideal for intraday long positions up to **24,086**. Risk Management Tips for Options Trading: - Always define your stop-loss levels based on the nearest support/resistance zones to manage risk effectively. - Avoid aggressive positions in high-volatility scenarios like gap openings. Start small and scale up if the trend confirms. - Be cautious of time decay when trading options, especially if the price is near critical support or resistance zones. - Consider hedging positions if holding overnight, given the volatility in global markets. Summary and Conclusion For 28th October 2024, key zones to watch are **24,276** on the upside and **23,998** on the downside. A breakout or breakdown from these levels could determine the day’s trend. Remember that the market may consolidate before choosing a direction, and it’s wise to wait for confirmation at these levels before entering trades. Disclaimer: I am not a SEBI-registered analyst. This analysis is for educational purposes only. Always consult a financial advisor before making any trading decisions.
NSE:NIFTYLong
by LiveTradingBox
#Nifty50 outlook for upcoming week 28-1st Nov 2024. Nifty Nosedives! This week, the Nifty took a dramatic plunge, closing a hefty 700 points down from the previous week at 24,180. The bulls fought valiantly, pushing the index to a high of 24,978, but the bears ultimately prevailed, dragging it down to a low of 24,073. Key Levels Breached and Tested: My predicted range for the Nifty this week (25,550 - 24,350) was unfortunately shattered on the downside. Furthermore, the critical support level of WEMA21 was breached for the first time since October 2023, a potentially bearish sign. Is a Short Squeeze Brewing? With many retail investors now anticipating a continued downtrend, a counter-intuitive uptrend might be on the horizon. This could be a strategic move by the bulls to trap those who are shorting the market. Next Week's Crucial Levels: Buckle up, because next week is a pivotal one for the Nifty. If the index can defend the crucial support zone of 23,900-24,000, we might witness a surge testing resistance levels around 24,500-24,600. However, a breach below 23,900 opens the door for a further decline towards 23,600 and even the psychologically important 200-day moving average (23,500). This is where I, for one, will be getting "greedy" by considering adding Niftybees and some fundamentally strong stocks with favorable risk-reward ratios. Remember the age-old wisdom: "Be fearful when others are greedy, and be greedy when others are fearful." The time to be greedy for value might be just around the corner! S&P 500: Holding the Line (for Now): Across the pond, the S&P 500 failed to surpass its previous week's high of 5,878 and experienced a correction of more than 1.5% from its weekly peak of 5,866. The silver lining? It managed to hold above the crucial support level of 5,762. The upcoming week will be critical as well. If the S&P 500 can maintain a position above 5,863, it could potentially surge towards a significant Fibonacci retracement level of 6,013, which could also provide a positive tailwind for the Indian markets. However, a dip below 5,700 could trigger a correction ranging from 1.6% to 3.3%, potentially dragging the Nifty down with it. Wishing everyone a very happy & prosperous Diwali. Enjoy
NSE:NIFTY
by ssudhirsharma11
Bank Nifty Long - Riding the Wave • Technical Analysis: • Trend Analysis: The Bank Nifty has been showing a robust upward trend, consistently forming higher highs and higher lows over the past month. • Support Levels: The index recently bounced off a significant support level, confirming strength in the ongoing trend. • Moving Averages: Bank Nifty is trading above both its 50-day and 200-day moving averages, a strong indicator of continued bullish momentum. • RSI & MACD: Both the Relative Strength Index (RSI) and Moving Average Convergence Divergence (MACD) show bullish divergences, indicating that the upward movement has room to continue. The decision to go long on Bank Nifty was driven by strong technical signals and positive economic fundamentals. This position is intended to capitalize on the potential upward trajectory forecasted by both market sentiment and statistical indicators. I will be monitoring this position closely and plan to adjust my stop-loss and take profit points as the market evolves. #BankNifty #LongPosition #TradingView #MarketAnalysis
NSE:BANKNIFTYLong
by parthvparikh
NIFTY Bears Roar! TP2 Hit, Momentum Building for More!NIFTY 15m time frame Short Trade Entry: 24,827.10 Current Price: 24,565.50 – TP2 completed, moving closer to TP3 and TP4 Key Levels: Stop-Loss (SL): 24,902.70 – Protecting against reversals above resistance. Take Profit 1 (TP1): 24,733.70 – Hit, confirming downtrend initiation. Take Profit 2 (TP2): 24,582.50 – Hit, trend acceleration seen. Take Profit 3 (TP3): 24,431.30 – Approaching the next key target. Take Profit 4 (TP4): 24,337.85 – Final target for this move. Trade Outlook: NIFTY continues its downward journey, with TP2 successfully hit. Bearish pressure remains strong, and we anticipate the next targets being met as the market sustains its downtrend.
NSE:NIFTYShort
by ProfitsNinja
Nifty Short, Medium & Long Term : 21-Oct-24 to 25-Oct-24Nifty Short, Medium & Long Term : 21-Oct-24 to 25-Oct-24 Nifty closed at 24854 (Last Week 24964) and touched high & low of 25185-24557 Last week Market was down by more than 700 points but recovered on last day of trading of the week. FII pulled out money and invested in China more than 77000 Cr till date in Oct 2024. Nifty Bank 52094 ( last week 51179), touched the target of 54000 as proposed 2 months before to 54400 all time high and fell down, it started picking again, maintain support at 49900. Continue to Buy on dips. RSI ,Macd and stochastics levels are down. Caution to be emphasized as still further room to go down. Q2 results, Global news( US Election results and Relaxation of middle east tension) awaited which will pave way for more clearer path in market. Nifty 24854 Short term ( Short Term : neutral) There will be comeback rally, however Nifty short term resistance 25100 & 25376 Support at 24560 (last week low) Medium Term next target is 25750 ( if move up decisively above next target is 25370), 26268 ( all time high), 26968 Medium term Support 24290 and 23885. Long Term : Nifty have a target of 27740, 28000 & 28190 ( Fibonacci Resistance). Support at 22800 US started reducting fed rate as expected in Sep 2024, expected it shall continue in reduction of interest rate in next year. Caution was emphasized on Nifty for last 3 months as nifty PE ( Currently 23.4) is in high level with high valuation especially in Mid cap & Small Cap. Mutual Funds SIP shall be invested as the goal is for more than 5-10 years at this critical period as the valuation is high. Those with lesser risk can sell partial portfolio ( 20-30%) stocks which have less valuation and can wait for opportunity to buy when nifty dips upto 22800. Deploy stop loss of upto 7%-8% which is crucial. More Risky players can have stop loss of trend line resistance of 23750 as shown in the chart. Fundamentally good stocks can be added as it posted good results on every dip in finance stocks such as CAMS, UTI AMC , HDFC AMC, Manappuram Finance, suryoday small fin, Motilal Fin, Chola Finance, Dr Reddys, Natco Pharma, Cipla, JK Cements, Biocon, Persistent Sys, PI Ind, PNC Infra and Ashoka Buildcon, ICICI Bank, HDFC Bank Indian Bank & Punjab National Bank. Stock Picking is needed at current scenario in Bank, auto, Pharma stocks. Based on the Q1 results, following stocks can be added to portfolio: There is a possibility of dip to 21000-22000, hence please buy in parcels and every dip of Index and every dip of individual stocks (2-5% of portfolio on each purchase for long term) The above stocks mentioned are based on analysis of top line & Bottom line performance, hence based on the risk and portfolio mix one can add after analysis. Nifty IT 42106 ( last week 42335 ) indices marginally decreased last week, Q2 results will pave way for the clear direction.
NSE:NIFTY
by karthikss
#Nifty50 outlook for upcoming week 21-25th Oct 2024The Nifty 50 index concluded the week at 24,854, a 110-point decline from the previous week's close. Despite hitting a high of 25,212 and a low of 24,567, the index remained within its expected trading range of 25,550 to 24,350. Looking ahead, I anticipate the Nifty to continue trading between 25,400 and 24,300. A breakdown below 24,486 , the WEMA21 support level, would signal a bearish trend, potentially leading to a decline towards 23,400 or 23,300 . Conversely, a sustained move above 25,144 could pave the way for a rally to 25,500-25,600. Meanwhile, the S&P 500 index achieved a new all-time high weekly close of 5,864, up approximately 40 points from the previous week. This suggests a potential upward move of 2-2.5% from its current level, targeting the significant Fibonacci level of 6,013. It remains to be seen if this positive momentum in the U.S. market will translate into a recovery for the Indian stock market."
NSE:NIFTY
by ssudhirsharma11
Bank Nifty Mastery: Capitalizing on Volatility for Quick ProfitsToday’s trade exemplifies how strategic timing and keen market insights can turn volatility into opportunity. Leveraging technical analysis and precise risk management, we navigated the swings to secure a tidy profit in Bank Nifty. Dive into the details of our setup and execution strategy—perfect for traders looking to refine their approach in a dynamic market! This caption is designed to attract attention, summarize the trade’s success, and invite other traders to explore your analysis further.
NSE:NIFTYLong
by parthvparikh