Nifty for the last three days is forming an inside candle, chances of it moving either side is high.
If the market starts trading below 24510, it may test the pervious support around 24230 and another levels below it.
On the higher side, trade can only be initiated only once 24650 levels are taken out.
In case of a gap down wait for the retest of the support zone that will act as the resistance now. Enter trade only once the setup triggers.
Major resistance levels :- 24660, 24733
Support levels :- 24500 (psycological level), 24228
Hourly Moving averages are above the closing price while the Daily 100 EMA is around the closing leves, which can act as the support else it can come to test the 200 EMA (24200).
Wait for the price action near the levels before entering the market.
If the market starts trading below 24510, it may test the pervious support around 24230 and another levels below it.
On the higher side, trade can only be initiated only once 24650 levels are taken out.
In case of a gap down wait for the retest of the support zone that will act as the resistance now. Enter trade only once the setup triggers.
Major resistance levels :- 24660, 24733
Support levels :- 24500 (psycological level), 24228
Hourly Moving averages are above the closing price while the Daily 100 EMA is around the closing leves, which can act as the support else it can come to test the 200 EMA (24200).
Wait for the price action near the levels before entering the market.
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.