Nifty gave a gap down opening and tested the support of 18060 and ten tested the resistance of 18150 and stayed range bound in a managed expiry.
with all global ques showing negativity, a gap down opening is expected on friday(20/1/23).
in case of gap down opening, the plan will be to wait for retest at 18000 levels before entering a trade.
Any PE buy trade will also be dependent on whether prices closes below 200 MA (green line) on a 5 min candle. in case of PE trade, the target could be 17940/17855/17795, with initial sl immediately above 200 MA.
In case of rejection at 200 MA, CE can be taken with target up to 50 MA line.
A gap up could be tricky situation and at best could be avoided as an option buyer as R/R will not be much favourable.
with all global ques showing negativity, a gap down opening is expected on friday(20/1/23).
in case of gap down opening, the plan will be to wait for retest at 18000 levels before entering a trade.
Any PE buy trade will also be dependent on whether prices closes below 200 MA (green line) on a 5 min candle. in case of PE trade, the target could be 17940/17855/17795, with initial sl immediately above 200 MA.
In case of rejection at 200 MA, CE can be taken with target up to 50 MA line.
A gap up could be tricky situation and at best could be avoided as an option buyer as R/R will not be much favourable.
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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.