Nifty intraday levels for monthly expiry 29/02/24.

NSE:NIFTY   Nifty 50 Index
Nifty has formed a M pattern on the hourly charts and closed below 22k levels.

It has closed around the 20 ema on the daily charts. If there is a gap down opening, another selling can be seen in the market.

In case there is a gap up to flat opening, wait for the price to breach below the support zone.

Major support levels :- 21920, 21830

Tomorrow is the monthly expiry and today market gave a good selling market. There are chance of giving a good movement.

Another follow through can be seen in the market. So just watch the market takes out today's low.

Major resistance levels :- 22100, 22210

Just wait for a pattern formation around the zone and trade only the setup as option premium will give a decay.

If VIX is high, option premium will be high. Option buyer need to take a entry when there is momentum in the market.

Wait for the price action near the levels before entering the market.


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