Nifty weekly expiry analysis for 18.01.24.
Updated
A heavy sell off in the markets and a single stock down by more than 8% has brought nifty down.
The closing is ,below 20 SMA and EMA, around the day low.
MAJOR SUPPORT :- 21500
If the above support is gone nice 100 point first target can be achieved. To carry on with the bearish move trail SL for finally target around 21280.
Nifty is 2% down while banknifty is more than 4%.
Tomorrow is the weekly expiry keep targets and SL tight. VIX is up by 11% which means option premiums will be high.
Target levels :- 21365, 21280
Either it will go for another dip or it will halt in case of gap up opening (minimal chances). Avoid entering any bullish trade for intraday.
Price action is the key. Keep it in watch.
The closing is ,below 20 SMA and EMA, around the day low.
MAJOR SUPPORT :- 21500
If the above support is gone nice 100 point first target can be achieved. To carry on with the bearish move trail SL for finally target around 21280.
Nifty is 2% down while banknifty is more than 4%.
Tomorrow is the weekly expiry keep targets and SL tight. VIX is up by 11% which means option premiums will be high.
Target levels :- 21365, 21280
Either it will go for another dip or it will halt in case of gap up opening (minimal chances). Avoid entering any bullish trade for intraday.
Price action is the key. Keep it in watch.
Trade active
Nifty has tested 21300 levels and reversed immediately to 21440 levels which is not healthy for market to become bullish.It should spent time and consolidate , if it does in the first half to day and starts trading above 21430 after a break down a tight SL position can be created.
Crucial intraday levels 21300.
Note
Though nifty remained a bit short of 21280 still it hasn't closed below 21360 levels in hourly chart.
A nice support from 200 ema , it closed below it and retraced quickly to the upper levels.
Support levels :- 21280, 21215
If both the levels are gone ultimate support will be around 21000-21000 zone.
21430 to 21520 is a no trading zone. Much of today's activity was in this zone.
Resistance :-21520, 21600-620
Note
It is facing resistance from the moving average and the resistance zone.
The market may halt today and it would be wise to avoid a bullish trades.
Bearish trades can be entered only when 21570 levels is taken out.
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