RaviChandran_Rajkumar

How to Trade Nifty on 17 March 2021

NSE:NIFTY   Nifty 50 Index
How to Trade Nifty on 17 March 2021

What Chart Says:
Nifty formed a bearish candle on the daily time frame but managed to close well above the previous session mid and also holding well in the demand zone

Behind the scenes:
Advance to decline ratio is around 20:29 in nifty 50
FII have pumped in 1692 Cr & DII has pulled out 1168 Cr from the market
European markets currently trading in green with decent bullishness at time of the review
SGX nifty is currently trading at 0.48 at the time of review
US Market is also trading 1.12% at the time of review
Crude oil is down by 1.09% and at 64.1
Gold is trading by +0.20%
US 10Yr bond is showing some bearishness and its a good sign for equity markets
Dollor index is currently trading flat and might be heading slowly down

What to expect:
If the global markets close on positive note tonight we can expect nifty to have a possible gap up open and restest the higher levels at the first half and can expect a possible profit booking in the second half.
Incase of a gap down of flattish open ,expect nifty to retest previous session lows & look for possible buying opportunities at those levels

How to trade today:

Possible setups:
1. GAP UP OPENING - First possible resistance is at 14986 and if it is taken out and if it acts as support then we can expect 15051 / 15174 & above levels to be tested.
2. GAP DOWN OPENING - First possible resistance is around 14805. Any of these levels acting as a strong resistance can go short with possible lower targets of 14745.
3. Flat OPENING - 14890 is the key level to watch out on flat open any support & resistance at this level we can take positions in the direction of the trend and sit for targets as marked.

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