Nifty & Bank Nifty Analysis and Trade Plan for 31st OctoberNifty & Bank Nifty Analysis and Trade Plan for 31st October
NIFTY trade ideas
NIFTY S/R for 31/10/24Support and Resistance Levels:
Support Levels: These are price points (green line/shade) where a downward trend may be halted due to a concentration of buying interest. Imagine them as a safety net where buyers step in, preventing further decline.
Resistance Levels: Conversely, resistance levels (red line/shade) are where upward trends might stall due to increased selling interest. They act like a ceiling where sellers come in to push prices down.
Breakouts:
Bullish Breakout: When the price moves above resistance, it often indicates strong buying interest and the potential for a continued uptrend. Traders may view this as a signal to buy or hold.
Bearish Breakout: When the price falls below support, it can signal strong selling interest and the potential for a continued downtrend. Traders might see this as a cue to sell or avoid buying.
20 EMA (Exponential Moving Average):
Above 20 EMA(50 EMA): If the stock price is above the 20 EMA, it suggests a potential uptrend or bullish momentum.
Below 20 EMA: If the stock price is below the 20 EMA, it indicates a potential downtrend or bearish momentum.
Trendline: A trendline is a straight line drawn on a chart to represent the general direction of a data point set.
Uptrend Line: Drawn by connecting the lows in an upward trend. Indicates that the price is moving higher over time. Acts as a support level, where prices tend to bounce upward.
Downtrend Line: Drawn by connecting the highs in a downward trend. Indicates that the price is moving lower over time. It acts as a resistance level, where prices tend to drop.
RSI: RSI readings greater than the 70 level are overbought territory, and RSI readings lower than the 30 level are considered oversold territory.
Combining RSI with Support and Resistance:
Support Level: This is a price level where a stock tends to find buying interest, preventing it from falling further. If RSI is showing an oversold condition (below 30) and the price is near or at a strong support level, it could be a good buy signal.
Resistance Level: This is a price level where a stock tends to find selling interest, preventing it from rising further. If RSI is showing an overbought condition (above 70) and the price is near or at a strong resistance level, it could be a signal to sell or short the asset.
Disclaimer:
I am not a SEBI registered. The information provided here is for learning purposes only and should not be interpreted as financial advice. Consider the broader market context and consult with a qualified financial advisor before making investment decisions.
Nifty 50 view 30th octNifty Day chart view 30th Oct
Todays high 24498.. which indicates maximum writing happened in 24500 ce for sometime...
Now cmp 24380... Todays low is also important 24337.
Break below 24337 which will create Doji pattern in Daily Time Frame.
Chance for ABCD harmonic pattern and target of minimum of 23930
Todays high 24498.. Break above and sustain then chance to create Falling Wedge pattern which indicate upward movement in short time frame.
Charts for Educational purposes only.
Not a Trading Recommendation.
Thanks,
Vichithra.
Nifty is stuck in a RangeAlthough BN showing Bullishness yesterday, Nifty is still stuck in a range.
While people might think that some kind of triple bottom is formed, I will look to play it on a weekly basis.
For this week's expiry, my view is that Nifty is stuck in the range between 24,000 on the downside and 24,800 on the upside.
I took straddle position yesterday afternoon and will look to carry it forward till expiry looking to pocket some premiums.
Sold 07th Nov 23800 PE & 07th Nov 24850 CE
Other than this, if I see the scope of any intraday action, then I might take that as well.
PS - Not a recommendation. It is advisable to do due diligence before taking trades.
#NIFTY Intraday Support and Resistance Levels - 30/10/2024Flat opening expected in nifty. After opening if nifty starts trading above 24550 level then possible strong upside rally upto 24750+ in today's session. 24300-24450 zone will act as a consolidation range for nifty. Any major further downside only expected below 24300 level.
Nifty Prediction, let’s see Nifty Prediction, let’s see. Technical view for learning purpose. Consult your financial advisor before making any decision 😄
NIFTY : Trading Plan and Levels for 30-Oct-2024
Intro:
On the previous trading day, Nifty demonstrated a robust recovery from the exact level that mentioned as last intraday support in yesterday plan, with the price reaching new resistance levels and showing strong buying momentum. Key zones have been established for tomorrow's session, with yellow indicating a sideways trend, green showing a bullish trend, and red representing a bearish trend. Here’s a strategy based on different opening scenarios.
Trading Plan for 30-Oct-2024
Gap Up Opening (100+ points above)
If Nifty opens with a 100+ points gap up, it is likely to encounter resistance near the 24,564 level, marked as the Resistance for Sideways/Retracement at BoS zone . If the index sustains above this level, we could see an upward movement toward the Profit Booking Zone around 24,758 . However, if it fails to hold above 24,564 , expect a retracement towards 24,485 or the Opening Support level at 24,409 .
– A strong reversal from the resistance levels could lead to a test of the Buyers Support at retracement at 24,312 .
Flat Opening (within 50 points of the previous close)
With a flat opening, focus on the price action near the 24,454 level. A breakout above 24,485 could initiate a bullish run towards 24,564 and eventually towards the upper resistance level at 24,758 . However, failure to maintain momentum above 24,454 could result in a sideways pattern around 24,409 (Opening Support) or even a potential downward trend towards 24,312 .
– A break below 24,312 would indicate further weakness, aiming for the Last Intraday Support at 24,214 .
Gap Down Opening (100+ points below)
In a gap-down scenario, Nifty is likely to find initial support at 24,312 . If this level holds, there might be a bounce back towards 24,454 . Sustaining above 24,454 could shift the sentiment towards bullish, aiming for 24,564 as the next resistance. However, if 24,312 fails to provide support, expect further declines towards the Last Intraday Support at 24,214 .
– Any continued weakness below 24,214 could lead to additional selling pressure.
Risk Management Tips for Options Trading
For options trading, keep position sizes manageable, especially on high-volatility days to reduce exposure to unexpected swings.
Use trailing stops to protect profits, particularly when the index approaches major resistance/support levels.
Consider deploying options spreads to limit risk, especially if the market appears choppy.
Summary and Conclusion
For 30-Oct-2024, the primary focus remains on the 24,564 resistance level and 24,312 as a critical support. A flexible approach to price action around these zones, combined with disciplined stop-losses, can help manage risks effectively. Monitoring the initial price action is essential to gauge the trend for the day.
Disclaimer:
I am not a SEBI-registered analyst. The analysis above is based on technical levels and reflects my personal viewpoint. Please perform your analysis or consult a financial advisor before making any trading decisions.
NIFTY S/R for 30/10/24Support and Resistance Levels:
Support Levels: These are price points (green line/shade) where a downward trend may be halted due to a concentration of buying interest. Imagine them as a safety net where buyers step in, preventing further decline.
Resistance Levels: Conversely, resistance levels (red line/shade) are where upward trends might stall due to increased selling interest. They act like a ceiling where sellers come in to push prices down.
Breakouts:
Bullish Breakout: When the price moves above resistance, it often indicates strong buying interest and the potential for a continued uptrend. Traders may view this as a signal to buy or hold.
Bearish Breakout: When the price falls below support, it can signal strong selling interest and the potential for a continued downtrend. Traders might see this as a cue to sell or avoid buying.
20 EMA (Exponential Moving Average):
Above 20 EMA(50 EMA): If the stock price is above the 20 EMA, it suggests a potential uptrend or bullish momentum.
Below 20 EMA: If the stock price is below the 20 EMA, it indicates a potential downtrend or bearish momentum.
Trendline: A trendline is a straight line drawn on a chart to represent the general direction of a data point set.
Uptrend Line: Drawn by connecting the lows in an upward trend. Indicates that the price is moving higher over time. Acts as a support level, where prices tend to bounce upward.
Downtrend Line: Drawn by connecting the highs in a downward trend. Indicates that the price is moving lower over time. It acts as a resistance level, where prices tend to drop.
RSI: RSI readings greater than the 70 level are overbought territory, and RSI readings lower than the 30 level are considered oversold territory.
Combining RSI with Support and Resistance:
Support Level: This is a price level where a stock tends to find buying interest, preventing it from falling further. If RSI is showing an oversold condition (below 30) and the price is near or at a strong support level, it could be a good buy signal.
Resistance Level: This is a price level where a stock tends to find selling interest, preventing it from rising further. If RSI is showing an overbought condition (above 70) and the price is near or at a strong resistance level, it could be a signal to sell or short the asset.
Disclaimer:
I am not a SEBI registered. The information provided here is for learning purposes only and should not be interpreted as financial advice. Consider the broader market context and consult with a qualified financial advisor before making investment decisions.
U shape recovery on cards for Nifty. There is a chance of U shape recovery on Nifty if it is able to beat Mother and father line resistance. Today we saw a swift recovery by Nifty after making a low of 24140. Nifty closed at 24466. That was a recovery of 326 points which is quite remarkable. The only negative point was the close which is 2 points below the Mother line resistance of 50 Hours EMA at 24468. With this close if we can get an opening above Mother line tomorrow and if Nifty sustains above it we can see further swift recovery till Father line of 200 Hours EMA which is at 24887 with a trend line resistance at 24613.
Nifty Resistances remain at: 24468 (Strong Mother Line Resistance) , 24613(Strong Trend Line Resistance), 24887 (strong Father Line resistance), 24917 and 25204. Above 25204 Bulls can come back aggressively.
Nifty Supports Remain at: 24349, 24173 and 24073. Below 24073 Bears can get very aggressive in dragging the market downwards.
To know more about Mother, Father and Small child theory and it's correlation to stock price and 50 and 200 days EMA read my book. The Happy Candles Way to wealth creation available on Amazon in Paperback and Kindle version.
Disclaimer: The above information is provided for educational purpose, analysis and paper trading only. Please don't treat this as a buy or sell recommendation for the stock. We do not guarantee any success in highly volatile market or otherwise. Stock market investment is subject to market risks which include global and regional risks. We will not be responsible for any Profit or loss that may occur due to any financial decision taken based on any data provided in this message.
Nifty & Bank Nifty Analysis and Trade Plan for 30th OctoberNifty & Bank Nifty Analysis and Trade Plan for 30th October
#NIFTY Intraday Support and Resistance Levels - 29/10/2024Today nifty will open flat or slightly gap down near 24300 level. After opening if it's sustain above 24300 level then possible upside rally upto 24500 but in case nifty starts trading below 24250 level then possible further downside upto 24050 level in today's session.
nifty non trading day wait for trend confirmnifty spinning candle form in dtf so non trading day h- l must broken 24500 to 24100 non trading zone, today is deciding day for up or down trend non trading day
Nifty 50 Index - Head and Shoulders Pattern with Fibonacci
** Introduction :**
The Nifty 50 Index on the NSE has shown a clear head and shoulders pattern on the 1-day time frame, followed by Fibonacci retracement levels drawn on the 4-hour time frame. This combination of technical analysis tools provides valuable insights for traders looking to predict potential price movements.
** Head and Shoulders Pattern: **
The head and shoulders pattern is a reliable indicator of a potential trend reversal. In this case, the pattern suggests a bearish reversal:
- **Left Shoulder:** The initial peak before the highest peak (head).
- **Head:** The highest peak in the pattern.
- **Right Shoulder:** The lower peak after the highest peak (head).
The neckline, drawn at the lowest point between the shoulders, acts as a critical support level. A confirmed breakdown below this neckline indicates a strong sell signal.
** Fibonacci Retracement Levels: **
Fibonacci retracement levels help identify potential support and resistance levels where the price might react:
- **0.00% at approximately 26,200.00 INR**
- **23.60% at approximately 25,600.00 INR**
- **38.20% at approximately 25,400.00 INR**
- **50.00% at approximately 25,000.00 INR**
- **61.80% at approximately 24,600.00 INR**
- **78.60% at approximately 24,200.00 INR**
- **100.00% at approximately 23,800.00 INR**
** Price Prediction:* *
Given the head and shoulders pattern, the Nifty 50 Index is likely to experience a downward trend if the price breaks below the neckline. The Fibonacci retracement levels provide additional support levels where the price might stall or reverse. Traders should watch for key levels such as 25,000.00 INR and 24,600.00 INR.
** Conclusion :**
Combining the head and shoulders pattern with Fibonacci retracement levels offers a comprehensive approach to predicting price movements in the Nifty 50 Index. Traders can use these tools to make informed decisions and manage their trades effectively. Proper risk management and position sizing are essential to maximize profits and minimize losses.
NIFTY 50 - A DEAD CAT BOUNCE?if you see above 2hrTF chart, NIFTY 50 has not recovered completely from Bear State and it can be just a 'Dead Cat Bounce'.
Condition for NIFTY 50 to be considered out of Bear State are as below.
1. Index start trading above 20EMA band.
2. RSI crossed 70 mark.
NIFTY : Trading Levels and Plan for 29-Oct-2024
Intro:
On the previous day, Nifty displayed a upward movement from the provided levels in yesterdays trading plan and minor fluctuations within key levels. The chart illustrates potential sideways movement in yellow , an expected bullish trend in green , and a bearish trend in red . For today's trading, we will observe various opening scenarios and outline strategies accordingly.
Trading Plan for 29-Oct-2024
Gap Up Opening (100+ points above)
If Nifty opens with a 100+ points gap up, it is likely to face resistance near the 24,453 - 24,563 range, which is marked as the Opening Resistance / No Trade Zone . Observe price action here. If Nifty sustains above 24,563 , it may target the Profit Booking Zone around 24,715 - 24,759 . However, if it fails to break above the resistance, expect a potential retracement towards the Opening Support at 24,282 .
– In case of strong selling pressure, Nifty could pull back further, aiming toward 24,162 as a potential support.
Flat Opening (within 50 points of the previous close)
With a flat opening, focus on the initial 30 minutes to gauge market sentiment. If prices sustain above the 24,453 level, we may see a push toward 24,563 . A breakout above 24,563 will likely lead to a bullish trend targeting Profit Booking Zone at 24,715 - 24,759 . However, if it fails to sustain above the No Trade Zone , expect sideways movement or a dip toward 24,282 .
– Any move below 24,282 could potentially extend towards 24,162 , testing the Last Intraday Support level.
Gap Down Opening (100+ points below)
In a gap-down opening, monitor the 24,282 level as the immediate support. If it holds, Nifty may attempt to retest the Opening Resistance Zone around 24,453 . A breakout above this level could bring sideways or bullish momentum up to 24,563 . Failure to reclaim 24,282 may lead to further downside pressure, potentially pulling prices to the Last Intraday Support at 24,162 .
– Watch for price stability around 24,162 if it is reached, as this may serve as a potential reversal point.
Risk Management Tips for Options Trading
Consider setting a defined stop-loss for each options position based on volatility levels; hourly candle closes can be useful for managing intraday risk.
Avoid over-leveraging. In options trading, position sizing should reflect the inherent risk and potential for quick price changes.
Utilize trailing stops to lock in profits if Nifty moves favorably. This is particularly effective in highly volatile sessions.
Summary and Conclusion
Today, focus on the key zones: 24,453 - 24,563 as resistance and 24,282 as support. A break above or below these levels could set the day's trend. Use a balanced approach, aligning with the prevailing sentiment indicated by the chart structure.
Disclaimer:
I am not a SEBI-registered analyst. This analysis is based on personal views and technical parameters. Please conduct your research or consult a financial advisor before making any trading decisions.
Technical bounce in Nifty today, recovery can be a long processToday what we saw can be called as technical recovery by Nifty in the process of bottom formation. Actual recovery can still be a long process. Bulls can be back inn business only if we get a closing above mother line of 50 days EMA that is at 24898. 24898 is a critical level because mid channel resistance for the current parallel channel as well as Mother line. Whether Nifty can weather the storm and move ahead is only a question which time will answer in the short term. Long term investors can see current situation as partial entry zone for large and mid-caps which have given a good result this quarter or are giving a good result.
Supports for Nifty remain at: 23865, 23684, 23464 (Father line Strong support 200 days EMA) and 23626 (Strong Parallel Channel Bottom Support).
Resistances for Nifty Remain at: 24492 (Today's high and strong Trend line resistance), 24679, 24898 (Strong Mid-channel and Mother line resistance of 50 days EMA), 25221 and 25623.
Strong momentum and positive action has potential to take Nifty back to 26K+ levels. As on date even after strong resilience shown by Nifty FIIs are still on the selling side as they were net sellers of Equity worth Rs.3228 Crores. DIIs and Retail investors have been on the buying side at every dip. This is what is not allowing the Nifty to fall currently beyond 200 days EMA. Let us see who given in first. Very interesting tussle going on between FIIs and DIIs + Retail investors combination. Shadow of the candle for tomorrow is neutral to slightly positive but it is hanging by a thin thread. (Approach for long term should be cautious but positive. Approach for short term is still very cautious as we are not out of deep waters).
Nifty 50 views as the ended 28/10/2024By the last Friday nifty has achieved a target reaching the monthly support zone.
Positionally nifty weekly significant zone is far to near to be breached, in coming week.
Naturally Nifty 50 attempted it with due deligence but in the end failed to achieve it clean.
Bank Nifty the major component of Nifty 50, has all together a different structure monthly and weekly also. Also, it has a pending target of reaching an important monthly support.
Conclusion: There were no surprises in both the indices as such, every thing was normal and within understanding levels.
NIFTY S/R for 29/10/24Support and Resistance Levels:
Support Levels: These are price points (green line/shade) where a downward trend may be halted due to a concentration of buying interest. Imagine them as a safety net where buyers step in, preventing further decline.
Resistance Levels: Conversely, resistance levels (red line/shade) are where upward trends might stall due to increased selling interest. They act like a ceiling where sellers come in to push prices down.
Breakouts:
Bullish Breakout: When the price moves above resistance, it often indicates strong buying interest and the potential for a continued uptrend. Traders may view this as a signal to buy or hold.
Bearish Breakout: When the price falls below support, it can signal strong selling interest and the potential for a continued downtrend. Traders might see this as a cue to sell or avoid buying.
20 EMA (Exponential Moving Average):
Above 20 EMA(50 EMA): If the stock price is above the 20 EMA, it suggests a potential uptrend or bullish momentum.
Below 20 EMA: If the stock price is below the 20 EMA, it indicates a potential downtrend or bearish momentum.
Trendline: A trendline is a straight line drawn on a chart to represent the general direction of a data point set.
Uptrend Line: Drawn by connecting the lows in an upward trend. Indicates that the price is moving higher over time. Acts as a support level, where prices tend to bounce upward.
Downtrend Line: Drawn by connecting the highs in a downward trend. Indicates that the price is moving lower over time. It acts as a resistance level, where prices tend to drop.
RSI: RSI readings greater than the 70 level are overbought territory, and RSI readings lower than the 30 level are considered oversold territory.
Combining RSI with Support and Resistance:
Support Level: This is a price level where a stock tends to find buying interest, preventing it from falling further. If RSI is showing an oversold condition (below 30) and the price is near or at a strong support level, it could be a good buy signal.
Resistance Level: This is a price level where a stock tends to find selling interest, preventing it from rising further. If RSI is showing an overbought condition (above 70) and the price is near or at a strong resistance level, it could be a signal to sell or short the asset.
Disclaimer:
I am not a SEBI registered. The information provided here is for learning purposes only and should not be interpreted as financial advice. Consider the broader market context and consult with a qualified financial advisor before making investment decisions.
Nifty 50 outlookEuphoria phase is completed in the Market Sentiment Cycle
On 25th Oct. '24 Nifty RSI has closed below 30, we may see a bounce during this week or next. But this will only be a bull trap.
Once 23,800 is taken out decisively on the down-side, then before the end of Dec. '24 we will see Nifty test 22,700-23,500. I'm still holding 30% cash from the stocks which I exited on 11th Oct.
Only once Nifty tests 22,700-23,500 I will assess the situation to buy or keep holding cash. For me this is currently a "No Trade Zone".
Nifty Short, Medium & Long Term : 28-Oct-24 to 01-Nov-24Nifty Short, Medium & Long Term : 28-Oct-24 to 01-Nov-24
Nifty closed at 24192 (Last week 24854) and touched high & low of 25971-24197
RSI ,Macd and stochastics levels are down to the bottom. market Broke the key short term support at 24560 and went down.
Last week Market was down as expected by more than 700 points but slightly recovered on last day of trading of the week similar to previous week. FII pulled out money and investing in China, Japan in Oct 2024. Indian Stock Valuation after Q2 results, Middle East tension are the reason for the fall.
Caution was emphasized on Nifty for last 4 months as nifty PE ( Currently 22.8) 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 and advised 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.
Fundamentally good stocks to be invested at these time. My Stock Pick will be provided in this week.
Nifty 24854 Short term ( Short Term : Neutral)
Nifty short term resistance 24450 & 25365
Support at 24000, 23885
Medium Term next target is 25750 ( if move up decisively above next target is 25370), 26268 ( all time high), 26968
Medium term Support 22800.
Long Term : Nifty have a target of 27740, 28000 & 28190 ( Fibonacci Resistance).
Support at 21900
#NIFTY Intraday Support and Resistance Levels - 28/10/2024Today gap down opening expected in nifty. After opening expected downside upto 24050 level in today's session and this downside rally can extend for further 100-150 points in case nifty starts trading below 24000 level. Downside 23850 level expected in today's session. Any upside rally only expected if nifty sustain above 24050 level and give reversal from this level.
Nifty showing H&S pattern. Target 23000NIFTY is showing a classic Head and Shoulders top. it's also below its 50 day moving average and now approaching 150dma.
We could see a confluence of the H&S target with the 200 dma in the next few weeks.
NIFTY in a Head and Shoulder pattern.. target 23000 ?Nifty seems to be in a class H&S pattern. We could see 23000 if this is true. Also it is now below its 50 day moving average and approaching its 150day. Closest support could be around its 200 day moving average which also could confluence with the H&S target.
