Nifty Premarket Analysis- 23 Oct'23 NeMcxTalks

NseMcxTalks Updated   
NSE:NIFTY   Nifty 50 Index
Strategy : Trend Lines and Support /Resistance

Support : 19330-19480

Resistance 19610

Entry levels:

In the last week, Nifty could not hold the 19860 levels and fell sharply to the 19650 levels on wednesday and the previous week expiry touched 500 levels, but, closed around 19630 levels.

We still see the selling pressure in nifty window and could not cross or close above 19600 and closed the day without any any clear direction.

The coming week being Oct Monthly expiry and a truncated week, we can expect some choppy trade on monday and some action by wednesday and expiry day.

Based on the geo political news, Us rate hike , inflation data, rising crude oil prices, all the global markets are witnessing weakness and October expiry could see levels of 19330 and 19240 ranges. Expected close for the expiry could be 19240.

Gift nifty on friday, touched below 19500 and hovering below 19500. We can decide the market direction based on early morning trade in Gift nity.

Overall view: Bearish.

We are not a SEBI registered analysts. The views expressed are my own and for educational purposes only.
Please do the due diligence in executing any trades.
Currently i have a neutral strategy carried forward from Friday with a bearish bias.

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Happy Green Trading.

Trade active:
Nifty after the initial gap fill of yesterday's Open, fell down to the 19480 levels.

Currently trading around 19500 levels.

Part booking to be done.

Looking for next target of 19330
Trade closed: target reached:
Targets of 450 reached.

WAiting for continuation or reversal
Continuation below 19440 and reversal above 19480-510
Trade closed: target reached:
Closing all positions around 460. and reversing the trades with sharp sl.

Closing the idea as it reached the level1 targets


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