Nifty important levels and trade plan for Wednesday, 9th August

Aug 8, 2023

Nifty important levels and trade plan for Wednesday, 9th August

In daily time frame Nifty is in a downtrend so, for tomorrow, for us major trend will be bearish only, and for bearish trades, will go with full quantity and for bullish trades can consider going with half quantity only.
19556, 19507, 19464, 17424 and 19367 will be the levels of concern in downside. For Flat opening, nifty crossing 19556 level we can initiate a bearish position directly. For same opening with a price action above this level only we can go for bullish position. 19635, 19691 19751 and 19794 will be the important resistance levels. There is a possibility of reversal from 19635 and 19691 levels, so in case of gap up opening, or in case of flat opening, after nifty reaching these levels can initiate bearish positions preferably with a price action, in 5-minute time frame.
In case of gap down opening, above 19507 level, based on price action may go for bullish or bearish positions,
At 19464 and 19635, can initiate touch and go reversal positions. i.e. we can initiate bullish position after Nifty touching 19464 level or bearish position just after touching 19635 level with a very limited stop loss, levels are here marked in the chart in colour purple.
OI data is looking bearish, with possible resistance at 19600 level with highest OI buildup, and probable support from 19400 level from the bottom. At 19500 level we have witnessed short covering which indicates a probable fall incoming.
*Personal opinion, not a trade advice*
*Support and resistance levels are based on Fibonacci*