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NIFTY trade ideas

Nifty 50 - AnalysisAs Nifty approaches a 10% fall from ATHs, it may be entering a period of technical correction, with the mid-cap, and small-caps already entering this phase. On the weekly, Nifty has broken its prior HL, which means we could see a move back up, establishing a potential LH, and then another move down towards the 23600-500 levels or we view 24500 as a LH, which will need to be broken for Nifty to shift trends. On the weekly, we have seen sharp selling, with the daily chart still not being able to get out of the downtrend, as it's forming new LHs and LLs. On the daily, ideally Nifty should hold above 24,500 to break trend. However, we have seen 23800s hold quite well as support in the past, so this can potentially be a zone of consolidation, a small reversal, or a period of accumulation on stocks that are holding structure and displaying relative strength If you look at the 4h chart, as per the Fixed Range Volume Profile, we see 3 key levels (marked in red and blue), showing the value areas so far. Price tends to come back towards the middle of the range, at around 24430 so that is a key level to look at. However, that was just a bear flag which suggested today's large move down towards the 23800s.
NSE:NIFTY
by shauryavkohli_
1
Nifty 50 and BankNifty Prediction: 04 November 2024Happy Diwali friends... On the occasion of Diwali the Indian Stock market was opened for 1 hour as a mahurat trade on 1 November. On Friday the market was traded on very low volume. So we can the Friday market values. But still, Nifty 50 forms the harami cross candle which indicates a weak signal of the market and it breaks the lower circuit of the channel a few days back and moves to and fro near lower by that. But the OI number shows that on all round figure levels above 23300 has high resistance. The overall PCR is 0.83 and the nearby ATM is 0.77 which shows a weak sign. FII, Pro, and Client data show the market should be bearish. BankNifty forming a bullish harami green candle which shows a positive sign for the market. The OI chart of BankNifty shows high resistance at 52000 and 52500. The overall PCR is 0.65 and nearby ATM is 0.59. The FII made a strong bearish position on Thursday and the Client forms a Strong bullish position. Pro data is Indecisive. Let's wait for Monday's market if it goes up and breaks Thursday's high and only the possibility of bullish has taken control over the market. Conclusion and Trade Plan: If Banknifty opens and goes up in the morning before 10 AM and touches 52000 plan for a bearish position. But before making any trade make sure and check the open Interest and take confirmation before trade. Tomorrow is BankEx expiry and BankEx also shows little bullish in starting morning and then bearish.
NSE:NIFTYShort
by mayankkumar8520
NIFTY : Trading Levels and Plan for 04-Nov-2024Intro for Previous Day's Chart Pattern: In the previous two session, Nifty demonstrated a balanced movement with multiple attempts to break the support and resistance zones, suggesting potential consolidation. The chart highlights key areas where demand and supply forces are likely to react. Yellow trend indicates Sideways movement, Green trend shows a Bullish trend, and Red represents a Bearish trend. --- Trading Plan for 04-Nov-2024: Opening Scenarios: Gap Up Opening (100+ points): If Nifty opens with a significant gap up around 24,489 or higher: - Watch for resistance near the ChCoCh Zone (Change of Character) at 24,489-24,533. If Nifty sustains above 24,533, it could indicate strong bullish momentum towards the 24,616 zone, marked as the “Last Intraday Resistance.” - In case of a rejection from 24,489, wait for confirmation before initiating short trades, as prices may retest lower support levels. - For conservative traders, it’s advisable to wait for a retracement back toward 24,286-24,265 levels before considering long entries. Flat Opening: If Nifty opens flat around 24,300: - Focus on the immediate support level at 24,286. A successful defense of this support could trigger a bounce towards the 24,489-24,533 resistance area. - If prices struggle to break through 24,286, look for opportunities to enter long trades near the “No Trading Zone” at 24,163. - For intraday shorts, wait for bearish signals near 24,533 or if Nifty falls below 24,265, targeting the lower support at 24,020. Gap Down Opening (100+ points): If Nifty opens with a gap down around 24,163 or lower: - Monitor the support levels at 24,020 and 23,958. These zones represent “Last Buyer’s Support for Intraday.” A break below 23,958 may trigger further downside pressure towards lower levels. - If 24,020 holds, it could offer a buying opportunity with a potential target toward 24,286. - For intraday trades, be cautious of volatility and await clear price action before entering positions, especially in gap-down scenarios. --- Risk Management Tips for Options Trading: - Limit your position sizes and keep a strict stop-loss in volatile conditions, especially post-Diwali. - Monitor implied volatility as it can affect options premium significantly during high volatility sessions. - Avoid chasing options trades if premiums have already inflated substantially post-market opening. - Stay cautious around key levels to avoid whipsaws and consider taking partial exits at defined target levels to lock in profits. --- Summary and Conclusion: The 04-Nov-2024 session may witness reactions at critical support and resistance zones, presenting opportunities for both intraday and swing traders. Wait for a clear break of levels to confirm direction. Sideways consolidation could occur near the mid-range, so be prepared for both trend-following and range-bound strategies. Disclaimer: I am not a SEBI-registered analyst. This trading plan is shared purely for educational purposes. Please conduct your analysis or consult a financial advisor before making any trading decisions.
NSE:NIFTYLong
by LiveTradingBox
Mother Line, Trend line and other resistnace up ahead to watch.Before Nifty can fly further there are some important resistances to be crossed in the near by zone are 24368 that is the high of Muhurat day, Mother line resistance at 24391, Trend line resistance near 24400. After closing above 24400, Nifty can quickly reach 24505 or even 24601 in a short time. Supports for Nifty are at 24280, 24239, 24172 and 24142. Final support for Nifty is in the range of 24069 below which bears can create further havoc. Shadow of the candle is slightly positive but FII's deep selling is making the investors vary and fearful this does not include DIIs as of now but below certain level even they can start to give in if things do not improve. Shadow of the candle is slightly positive.
NSE:NIFTY
by Happy_Candles_Investment
1
NIFTY50.....Higher Volatility expected!Hello Traders, The NIFTY50 is more or less trading in a sideways range between 24073 and 24500. It has not reached the descending trend line (blue) drawn on the chart. It needs to break this line to the upside in order to bring fresh buying interest into the market and break the gray trend line around the 246xx area. Depending on if and when this happens, the next resistance is the 24850 area (red line)! As you can see, a lot of resistance ahead! On the downside, a break of 24073 (hourly close at least) opens the door to further selling pressure, probably to the 23400 area. The wave count remains unchanged and will be updated in the coming days. Expect more and "higher" volatility in the coming days due to the US vote! I recommend staying out of the market until Wednesday to get a clearer view. No one knows what the reaction in the US will be to the vote! Have a nice weekend..... Ruebennase Please ask or comment as appropriate. Trading based on this analysis is at your own risk.
NSE:NIFTY
by ruebennase
4