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21 Oct 2024 - NIFTY Predictions (Next Trading Day)1. Index Chart and Time Frames Index: Nifty 50 Date: October 18, 2024 Time Frames: Monthly (1M) Daily (1D) Weekly (1W) 5-Minute (5M) 2. Support and Resistance Levels Daily Chart: Support: Approximately 24,500 Resistance: Approximately 25,000 Weekly Chart: Support: Approximately 24,800 Resistance: Approximately 25,200 Monthly Chart: Support: Approximately 24,000 Resistance: Approximately 26,000 3. Market Scenario for Next Trading Day Expected Opening Likely to open flat or with a slight gap down due to recent bearish sentiment. Market Sentiment Bearish to range-bound, with potential for slight recovery during the day. Timing Initial volatility expected in the first hour, stabilizing by mid-session. 4. Options Strategies Recommended Strikes: ATM: 24,850 ITM: 24,700 OTM: 25,000 Strategy: Consider buying puts at 24,850 and calls at 25,000 for potential volatility. 5a. Calendar Spread Strategy Ideal Strikes: Daily: 24,850 (short-term) Weekly: 24,800 (medium-term) Monthly: 25,000 (long-term) 5b. Trends in Table Format Daily Bearish Support: 24,500 Weekly Bullish Resistance: 25,200 Monthly Bullish Resistance: 26,000 6. Trading Recommendations ATM Trade Best during initial volatility ITM Trade Mid-session stabilization OTM Caution Avoid unless clear signals Better Not to Trade If market shows strong bearish trend early This analysis is based solely on the provided charts and does not account for external market factors. Always consider your risk tolerance and market conditions before making trading decisions. Disclaimer: Do Manage your Risk and Money management, Do not Forget to PUT STOP LOSS.
NSE:NIFTY
by JayeshBoradia