Nifty 50 Analysis for 17/10/23
Support Levels
19,733
19,684
Resistance Levels
19,833
Buying Zone
Above 19,833
Selling Zone
Below 19,684
Analysis
Nifty 50 closed at 19,772.05 on 16/10/2023. The market did not break the support level of 19,730 on 16/10/2023, and bounced back from there. This suggests that there is some buying support at the current levels.
For tomorrow, the support levels are 19,733 and 19,684. The resistance level is 19,833.
If the market breaks and sustains above 19,833 tomorrow, it will be a bullish signal, and we can consider buying in the 19,833-19,934 range.
If the market falls below 19,684 tomorrow, it will be a bearish signal, and we can consider selling.
Note: This is just an analysis, and it is not a recommendation to buy or sell any security. Please do your own research before making any investment decisions.
Additional Thoughts
Based on your previous discussions, it seems like you are using a breakout strategy. This means that you are looking to buy when the market breaks above a resistance level, and sell when it breaks below a support level.
It is important to note that breakout strategies can be risky, as there is no guarantee that the market will continue to move in the same direction after breaking through a resistance or support level. It is also important to have a risk management plan in place, so that you can limit your losses if the market moves against you.
One way to reduce your risk is to use stop-loss orders. A stop-loss order is an order to sell a security at a specific price. This can help to limit your losses if the market moves against you.
Another way to reduce your risk is to position size management. This means that you should only risk a small percentage of your portfolio on any one trade. This will help to protect your overall capital if you experience a loss.
Support Levels
19,733
19,684
Resistance Levels
19,833
Buying Zone
Above 19,833
Selling Zone
Below 19,684
Analysis
Nifty 50 closed at 19,772.05 on 16/10/2023. The market did not break the support level of 19,730 on 16/10/2023, and bounced back from there. This suggests that there is some buying support at the current levels.
For tomorrow, the support levels are 19,733 and 19,684. The resistance level is 19,833.
If the market breaks and sustains above 19,833 tomorrow, it will be a bullish signal, and we can consider buying in the 19,833-19,934 range.
If the market falls below 19,684 tomorrow, it will be a bearish signal, and we can consider selling.
Note: This is just an analysis, and it is not a recommendation to buy or sell any security. Please do your own research before making any investment decisions.
Additional Thoughts
Based on your previous discussions, it seems like you are using a breakout strategy. This means that you are looking to buy when the market breaks above a resistance level, and sell when it breaks below a support level.
It is important to note that breakout strategies can be risky, as there is no guarantee that the market will continue to move in the same direction after breaking through a resistance or support level. It is also important to have a risk management plan in place, so that you can limit your losses if the market moves against you.
One way to reduce your risk is to use stop-loss orders. A stop-loss order is an order to sell a security at a specific price. This can help to limit your losses if the market moves against you.
Another way to reduce your risk is to position size management. This means that you should only risk a small percentage of your portfolio on any one trade. This will help to protect your overall capital if you experience a loss.