Nifty weekly expiry levels for 04/01/24
Updated
Nifty is currently sitting on the support of 38.2% fib level and it is a good support for the index.
This is the third time the support is being tested. If there is a break down of the levels 50% anf 61.8% levels can be tested on the expiry day.
Major support levels :- 21420, 21300
If there is a flat or gap up opening wait for the bearish price action as market is in bullish trend on daily time frame.
Bullish trades only above 21585 with a targets of 21690 and 21830.
Wait for the price action near the levels before entering the market.
This is the third time the support is being tested. If there is a break down of the levels 50% anf 61.8% levels can be tested on the expiry day.
Major support levels :- 21420, 21300
If there is a flat or gap up opening wait for the bearish price action as market is in bullish trend on daily time frame.
Bullish trades only above 21585 with a targets of 21690 and 21830.
Wait for the price action near the levels before entering the market.
Note
Nifty gave a nice up move even after a gap up opening and gave the upside target during the last hour.
It has recovered but still is around 50% fib level.
Upside resistance levels :- 21750, 21820
Watch the price action near 21690 and trade only once the levels is taken out.
There is a formation of a morning star on the daily charts. If the pattern works out is can take out the ATH.
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