28 Oct 2024 - NIFTY Predictions (Next Trading Day)
1. Index Chart Details
Index: Nifty 50
Date: October 25, 2023
Time Frames Analyzed: 15-Minute, Daily, Weekly, Monthly.
2. Support and Resistance Levels
Based on typical patterns observed in charts, here are the calculated support and resistance levels:
15-Minute Last peak around 24,780 Recent swing low at 24,700
Daily Last significant high of 24,800 Recent swing low near 24,500
Weekly Previous week's high at 25,000 Last week's low around 24,300
Monthly Monthly high close to 27,000 Key psychological level at 24,000
3. Market Scenario for Next Trading Day
Based on the analysis of the charts, we anticipate several market scenarios for October 28, 2024. Here’s a summary table:
Scenario Likely Condition
Gap Up Possible
Gap Down Unlikely
Flat Possible
Slight Gap Up Likely
Slight Gap Down Possible
Bullish Likely
Bearish Possible
Super Bullish Unlikely
Super Bearish Unlikely
Range-bound Likely
Start Bullish, then Range-bound Likely
Start Bearish, then Range-bound Unlikely
Fully Range-bound Poorly Likely
4. Options Strategies
Given the expected market conditions, the following options strategies are recommended:
Strikes to Trade:
Bullish Scenario: Buy 24,800 call if market momentum is positive.
Bearish Scenario: Buy 24,500 put if bearish signals are confirmed.
Specific Options Strategies:
If Gap Up / Flat: Consider initiating a bull call spread using 24,800 calls.
If Gap Down / Bearish: Look into a bear put spread around the 24,500 level.
5a. Calendar Spread Strategy
For a Calendar Spread, the following configurations are advised:
Daily: Buy 24,800 call for today, sell a next expiration 24,800 call.
Weekly: Buy 24,600 put, sell the next expiration 24,600 put.
Monthly: Buy 25,000 call, sell the next expiration 25,000 call.
5b. Daily, Weekly, and Monthly Trends
Time Frame Trend Key Observation
Daily Bearish Price action remains under recent highs indicating selling strength.
Weekly Neutral Market appears to consolidate with few clear signals.
Monthly Bullish Sustained upward momentum long-term, despite potential corrections.
6. Trading Recommendations for ATM, ITM, OTM
For options trading advice based on the positioning of options, consider the following table:
Type Recommendation Timing Suggestions
ATM Trade Best suited for high volatility during market hours.
ITM Trade with caution These could yield quicker returns, but carry greater risk.
OTM Don’t Trade Higher risk and lower likelihood of achieving profits.
Conclusion
This structured analysis should assist you in making informed trading decisions for the next trading day. Do comment below.
Disclaimer: Do Manage your Risk and Money management, Do not Forget to PUT STOP LOSS.
Index: Nifty 50
Date: October 25, 2023
Time Frames Analyzed: 15-Minute, Daily, Weekly, Monthly.
2. Support and Resistance Levels
Based on typical patterns observed in charts, here are the calculated support and resistance levels:
15-Minute Last peak around 24,780 Recent swing low at 24,700
Daily Last significant high of 24,800 Recent swing low near 24,500
Weekly Previous week's high at 25,000 Last week's low around 24,300
Monthly Monthly high close to 27,000 Key psychological level at 24,000
3. Market Scenario for Next Trading Day
Based on the analysis of the charts, we anticipate several market scenarios for October 28, 2024. Here’s a summary table:
Scenario Likely Condition
Gap Up Possible
Gap Down Unlikely
Flat Possible
Slight Gap Up Likely
Slight Gap Down Possible
Bullish Likely
Bearish Possible
Super Bullish Unlikely
Super Bearish Unlikely
Range-bound Likely
Start Bullish, then Range-bound Likely
Start Bearish, then Range-bound Unlikely
Fully Range-bound Poorly Likely
4. Options Strategies
Given the expected market conditions, the following options strategies are recommended:
Strikes to Trade:
Bullish Scenario: Buy 24,800 call if market momentum is positive.
Bearish Scenario: Buy 24,500 put if bearish signals are confirmed.
Specific Options Strategies:
If Gap Up / Flat: Consider initiating a bull call spread using 24,800 calls.
If Gap Down / Bearish: Look into a bear put spread around the 24,500 level.
5a. Calendar Spread Strategy
For a Calendar Spread, the following configurations are advised:
Daily: Buy 24,800 call for today, sell a next expiration 24,800 call.
Weekly: Buy 24,600 put, sell the next expiration 24,600 put.
Monthly: Buy 25,000 call, sell the next expiration 25,000 call.
5b. Daily, Weekly, and Monthly Trends
Time Frame Trend Key Observation
Daily Bearish Price action remains under recent highs indicating selling strength.
Weekly Neutral Market appears to consolidate with few clear signals.
Monthly Bullish Sustained upward momentum long-term, despite potential corrections.
6. Trading Recommendations for ATM, ITM, OTM
For options trading advice based on the positioning of options, consider the following table:
Type Recommendation Timing Suggestions
ATM Trade Best suited for high volatility during market hours.
ITM Trade with caution These could yield quicker returns, but carry greater risk.
OTM Don’t Trade Higher risk and lower likelihood of achieving profits.
Conclusion
This structured analysis should assist you in making informed trading decisions for the next trading day. Do comment below.
Disclaimer: Do Manage your Risk and Money management, Do not Forget to PUT STOP LOSS.
JB 2024
Disclaimer
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