How to Trade Nifty on 09 March 2021

NSE:NIFTY   Nifty 50 Index
How to Trade Nifty on 09 March 2021

What Chart Says:
Nifty formed a doji kind of candle on closing and hardly moved from yesterday closing price.

Behind the scenes:
Advance to decline ratio is around 12:38 in nifty 50
FII have both pulled out a small chunk out of today market. around 1500 Crores
US market is down by 2.4%
SGX Nifty was up by 0.4% while reviewing
Asian markets looks to be flattish
Crude oil after a small correction yesterday is finding some support and can move up again
USD/ INR is kind of raising

What to expect:
Expect a small gap up opening and watch out the resistances and look for possible shorting opportunity as the global markets looks weak. Tomorrow being expiry expect market to move on either sides hence trade only at the levels.

How to trade today:

Possible setups:
1. GAP UP OPENING - First possible resistance is at 15030 and if it is taken out and if it acts as support then we can expect 15112 / 15202 & above levels to be tested.
2. GAP DOWN OPENING - First possible resistance is around 14862. Any of these levels acting as a strong resistance can go short with possible lower targets of 14760/14702.
3. Flat OPENING - 14956 is the key level to watch out on flat open any support & resistance at this level we can take positions in the direction of the trend and sit for targets as marked.

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?? Each levels Act can as possible support and resistance????.

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Happy Trading !
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Indicator: https://bit.ly/3qJr8EL
Telegram: https://t.me/tradershedge
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