21 Oct 2024 - NIFTY Predictions (Next Trading Day)

1. Index Chart and Time Frames
Index: Nifty 50
Date: October 18, 2024
Time Frames:
Monthly (1M)
Daily (1D)
Weekly (1W)
5-Minute (5M)

2. Support and Resistance Levels
Daily Chart:
Support: Approximately 24,500
Resistance: Approximately 25,000

Weekly Chart:
Support: Approximately 24,800
Resistance: Approximately 25,200

Monthly Chart:
Support: Approximately 24,000
Resistance: Approximately 26,000

3. Market Scenario for Next Trading Day
Expected Opening Likely to open flat or with a slight gap down due to recent bearish sentiment.
Market Sentiment Bearish to range-bound, with potential for slight recovery during the day.
Timing Initial volatility expected in the first hour, stabilizing by mid-session.

4. Options Strategies
Recommended Strikes:
ATM: 24,850
ITM: 24,700
OTM: 25,000
Strategy: Consider buying puts at 24,850 and calls at 25,000 for potential volatility.

5a. Calendar Spread Strategy
Ideal Strikes:
Daily: 24,850 (short-term)
Weekly: 24,800 (medium-term)
Monthly: 25,000 (long-term)

5b. Trends in Table Format
Daily Bearish Support: 24,500
Weekly Bullish Resistance: 25,200
Monthly Bullish Resistance: 26,000

6. Trading Recommendations
ATM Trade Best during initial volatility
ITM Trade Mid-session stabilization
OTM Caution Avoid unless clear signals
Better Not to Trade If market shows strong bearish trend early

This analysis is based solely on the provided charts and does not account for external market factors. Always consider your risk tolerance and market conditions before making trading decisions.

Disclaimer: Do Manage your Risk and Money management, Do not Forget to PUT STOP LOSS.