Index: NIFTY 50 Date: October 30, 2024 Time Frames: Daily (D), Weekly (W), Monthly (M)
Expected Support and Resistance Levels for the Next Trading Day: Based on the closing price of 24340.85, here are the support and resistance levels derived from chart analysis: Support Level 1 24000 Support Level 2 23850 Resistance Level 1 24500 Resistance Level 2 24700
Market Scenario for the Next Trading Day: Market Opening Likely Gap Up Expected Movement Bullish Specifics Start bullish and then range-bound
Options Strategies and Specific Strikes for the Next Trading Day: To provide a clear approach based on the support and resistance established: Option Type Strike Price Strategy Calls 24500 Buy Call Puts 24000 Buy Put
Calendar Spread Strategy: For building a calendar spread: Duration Strike Price Comment Daily 24300 Near current price for short-term trades Weekly 24500 Captures next week’s movement Monthly 24700 Long-term strategy for expected price increase
Trading Recommendations on ATM, ITM, and OTM Options: Trade Type Recommendation Notes ATM Trade Good volatility; ideal for quick moves ITM Consider Trading Less risk, higher premium cost OTM Watch Only Higher potential reward but very risky
This revised response aligns with the closing market price of 24340.85 and allows you to make informed decisions based on the technical analysis of the charts provided. If further adjustments are needed or additional insights are required, feel free to ask!
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