Nifty Analysis for 2nd Nov

NIFTY

⏺ 4/1 Hourly - High possibility of breaking 1st resistance and then reversing.
⏺ 15/5 min - Taken support on 17900. This should help in breaking second resistance of 17980.

✅ Support - 17900
❌ Resistance - 17980, 18090

📈 Trend? - Very hard to tell. I would wait till either 1st resistance or bottom support to break.

↕ Market movement - 250-300 pt

❗❗ Watch out for :

--> At the opening, most likely market will be in continuation of uptrend. And it will also break 17980 resistance level. But after that it's very likely that the uptrend will convert into downtrend if buyers are weak.
-->Even if you want to ride till second resistance, I would strongly suggest to wait for retracement on the 1st resistance of 17980 after it's broken.
--> Respect the yellow support. If it is broken, go short blindly. DO NOT short anywhere above it.
--> In case of gap up, wait & watch.
--> in the slight possibility of gap down, 17900 support becomes resistance, trade accordingly.

Comment:

--> As said, Uptrend did convert to downtrend after it broke 1st resistance with gap up opening. But with much slower movement.
--> After the Yellow support line break, no major up move was seen.
--> overall, not much of a day for option trading because of lack of mobement.