Nifty: Friday - 02/12/22

Dec 1, 2022

Levels:
Support: 18775, 18725, 18675, 18600
Resistance: 18880, 18960, 19000

OI Data:
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Nifty => Price: 18812.5
ATM: 18800 , ITM: 18750, 18700, 18650 , OTM: 18850, 18900, 18950
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Highest OI Call in Nifty per OI data: 18900
Highest OI Put in Nifty per OI data: 18800
Nearest Major Resistance in Nifty per OI data: 19050
Nearest Major Support in Nifty per OI data: 18650
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Trade setup:
1. If Nifty Opens up more than 200 points, safely sell.
2. For any buy trade, follow the N pattern (let the price run above the level, let it retrace back to the level and let it hold the level as support)
2. For any sell trade, follow the mirror-N pattern (let the price fall below the level, let it pulls back to the level and unable to pass through the level as resistance).

+++++++++++++++++++++++++++++++++++++++++
Trade | Level | SL | T1 | T2
-----------------------------------------
BUY | > 18850 | 18800 | 18950 | 19000
-----------------------------------------
SELL | < 18780 | 18830 | 18650 | 18600
+++++++++++++++++++++++++++++++++++++++++

Point to be noted: RSI is overbought and moved it head to below 70. Cautious please. (Hence I am putting as Short).