Although nifty gave a sharp down turn on closing hours yesterday, but managed to close above 18390 levels , which should act as support. the Global cues are +ve . Hence a gap up opening bear yesterdays high is expected and 18450 should be a resistance level.
If nifty managed to break 18450 on 15 min candle, then it could reach 18556.
18550-56 is critical levels as per Elliots wave and hence could see a c wave correction.
Also 2nd half could be volatile owing to Fin Nifty expiry
my out look will be to go long is sustain over 18450 with SL below 18430 for target of 18550. if the break is huge and RR is not fav, then wait for rejection at top and GO PE side could also be an option. Alternatively, if getting rejection at 18450 levels, it self, then SO PE with sl at 18470. down side targets could be up to 18350/300/280
This is my out look and pre opening analysis and not a trade recommendation to any one.
If nifty managed to break 18450 on 15 min candle, then it could reach 18556.
18550-56 is critical levels as per Elliots wave and hence could see a c wave correction.
Also 2nd half could be volatile owing to Fin Nifty expiry
my out look will be to go long is sustain over 18450 with SL below 18430 for target of 18550. if the break is huge and RR is not fav, then wait for rejection at top and GO PE side could also be an option. Alternatively, if getting rejection at 18450 levels, it self, then SO PE with sl at 18470. down side targets could be up to 18350/300/280
This is my out look and pre opening analysis and not a trade recommendation to any one.