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Niftyintradaytradesetup

Nifty Intraday Support & Resistance Levels for 21.10.2024On Friday, Nifty opened with a gap down, entering the Daily Demand Zone (24,522.95 - 24,638.80) mentioned earlier. It made a low of 24,567.65 and then bounced back over 300 points to reach a high of 24,886.20. Nifty closed at 24,854.05, gaining 104 points from the previous close and managing to stay above the FIBO 61.8% retracement level (24,804.25). The Weekly Trend (50 SMA) remains positive, but the Daily Trend (50 SMA) is still negative. Nifty Demand/Support Zones for 21.10.2024: Near Demand/Support Zone (Daily): 24,522.95 - 24,638.80 (already tested) Far Demand/Support Zone (Daily): 24,099.70 - 24,196.50 Far Demand/Support Zone (Weekly): 23,893.70 - 24,419.75 Nifty Supply/Resistance Zones for 21.10.2024: Near Supply/Resistance Zone (75m): 24,951.75 - 25,059.45 Far Supply/Resistance Zone (15m): 25,195.85 - 25,234.05 Far Supply/Resistance Zone (15m): 25,420 - 25,485.05 Far Supply/Resistance Zone (15m): 25,500.95 - 25,545 Near Supply/Resistance Zone (Daily): 25,739.20 - 25,907.60 Far Supply/Resistance Zone (Daily): 26,151.40 - 26,277.35
NSE:NIFTY
by PriteshPal
NIFTY50: INSTITUTIONAL LEVELS FOR 18/10/2024QUICK GUIDE - Use 5 minute timeframe - Try to take enters at retest - Use multiple confirmation - Read full description before investing - Try to take ATM options or above Explanation: This is a very useful trading system. This means that you should not take a trade blindly, but rather that there is another confirmation to take the trade you can use this for perfect entry and perfect exit This trading opportunity is based on volume, previous price, and price range , are included Entry/Exit point's: - It has very easy entry and exit points - In this pair of lines with two colors are given (RED AND BLUE) - In this the blue line is used to take long entry and the red line is used to take short entry (But it is all based on a more conformation from your trading plan) Stop Loss/Take Profit: Stop Loss - According to this, if you take a long trade, its stop loss will be the red line just below ( A trade can exit either when the price crosses the red line or the 5 minute candlestick crosses the red line. (This can be done according to your preference) ) - A short entry should use the opposite rules to a long entry Take Profit -When you take a long entry according to the profit to be booked is on the next red line above. ( Or if there are other reasons, it can be a safe exit ) - Opposite rules for booking profit on long entry are to book profit on short trade. ( The blue line above is the stop loss of short entry ) Timeframe: According to this, the time frame you should use while taking trades is 5 minutes time frames . (5 minute time frame works well in this) Risk Disclaimer: Trading carries significant risk and is not suitable for all traders. You may lose some or all of your capital in a matter of minutes or hours. Market conditions can change rapidly, and prices can move against you quickly. You may not always be able to exit at a favorable price, and you may be required to hold a position overnight, exposing yourself to additional risk. Day trading involves high risk, high leverage, and high stakes, and you should only trade with funds you can afford to lose. Please carefully consider your financial situation, risk tolerance, and trading objectives before engaging in day trading. Engagement: Share your insights, ask questions, and learn from others in the community. Whether you're a seasoned pro or just starting out, we're all in this together. What's your take on the current market conditions? Which trading strategies are working for you? Let's discuss and help each other grow as traders! Comment below and let's get the conversation started! Original Content: This trading setup is the result of my own innovation and expertise, and is not based on any publicly available information or third-party systems. It is a reflection of my dedication to developing a competitive edge in the markets.
NSE:NIFTY
by tony_fx_sm
Nifty Intraday Support & Resistance Levels for 18.10.2024On Thursday, Nifty opened gap up, reached a high of 25,029.50, but then tumbled more than 300 points to hit a low of 24,728.90. It closed at 24,749.85, losing 221 points from the previous close. Nifty closed below the critical 61.8% FIBO retracement level (24,804.25). If it fails to break above this level with volume and hold, we may witness further downside in the coming days. The Weekly Trend (50 SMA) remains positive, while the Daily Trend (50 SMA) has shifted from sideways to negative. Nifty Demand/Support Zones for 18.10.2024: Far Demand/Support Zone (Daily): 24,522.95 - 24,638.80 Far Demand/Support Zone (Daily): 24,099.70 - 24,196.50 Far Demand/Support Zone (Weekly): 23,893.70 - 24,419.75 Nifty Supply/Resistance Zones for 18.10.2024: Near Supply/Resistance Zone (75m): 24,951.75 - 25,059.45 Far Supply/Resistance Zone (15m): 25,195.85 - 25,234.05 Far Supply/Resistance Zone (15m): 25,420 - 25,485.05 Far Supply/Resistance Zone (15m): 25,500.95 - 25,545 Far Supply/Resistance Zone (Daily): 25,739.20 - 25,907.60 Far Supply/Resistance Zone (Daily): 26,151.40 - 26,277.35
NSE:NIFTY
by PriteshPal
Nifty Intraday Support & Resistance Levels for 17.10.2024On Wednesday, Nifty opened with a gap down, reaching a high of 25,093.40 and a low of 24,908.45, closing the day at 24,971.30, losing 86 points from the previous close. The Weekly Trend (50 SMA) remains positive, while the Daily Trend (50 SMA) is sideways. Nifty Demand/Support Zones for 17.10.2024: Near Demand/Support Zone (Daily): 24,753.15 - 25,130.50 (current price inside the zone) Far Demand/Support Zone (Daily): 24,522.95 - 24,636.35 Far Demand/Support Zone (Daily): 24,099.70 - 24,196.50 Far Demand/Support Zone (Weekly): 23,893.70 - 24,419.75 Nifty Supply/Resistance Zones for 17.10.2024: Near Supply/Resistance Zone (5m): 25,045.45 - 25,059.05 Near Supply/Resistance Zone (15m): 25,195.85 - 25,234.05 Far Supply/Resistance Zone (15m): 25,420 - 25,485.05 Far Supply/Resistance Zone (15m): 25,500.95 - 25,545 Near Supply/Resistance Zone (Daily): 25,739.20 - 25,907.60 Far Supply/Resistance Zone (Daily): 26,151.40 - 26,277.35
NSE:NIFTY
by PriteshPal
NIFTY50: INSTITUTIONAL LEVELS FOR 17/10/2024QUICK GUIDE - Use 5 minute timeframe - Try to take enters at retest - Use multiple confirmation - Read full description before investing - Try to take ATM options or above Explanation: This is a very useful trading system. This means that you should not take a trade blindly, but rather that there is another confirmation to take the trade you can use this for perfect entry and perfect exit This trading opportunity is based on volume, previous price, and price range , are included Entry/Exit point's: - It has very easy entry and exit points - In this pair of lines with two colors are given (RED AND BLUE) - In this the blue line is used to take long entry and the red line is used to take short entry (But it is all based on a more conformation from your trading plan) Stop Loss/Take Profit: Stop Loss - According to this, if you take a long trade, its stop loss will be the red line just below ( A trade can exit either when the price crosses the red line or the 5 minute candlestick crosses the red line. (This can be done according to your preference) ) - A short entry should use the opposite rules to a long entry Take Profit -When you take a long entry according to the profit to be booked is on the next red line above. ( Or if there are other reasons, it can be a safe exit ) - Opposite rules for booking profit on long entry are to book profit on short trade. ( The blue line above is the stop loss of short entry ) Timeframe: According to this, the time frame you should use while taking trades is 5 minutes time frames . (5 minute time frame works well in this) Risk Disclaimer: Trading carries significant risk and is not suitable for all traders. You may lose some or all of your capital in a matter of minutes or hours. Market conditions can change rapidly, and prices can move against you quickly. You may not always be able to exit at a favorable price, and you may be required to hold a position overnight, exposing yourself to additional risk. Day trading involves high risk, high leverage, and high stakes, and you should only trade with funds you can afford to lose. Please carefully consider your financial situation, risk tolerance, and trading objectives before engaging in day trading. Engagement: Share your insights, ask questions, and learn from others in the community. Whether you're a seasoned pro or just starting out, we're all in this together. What's your take on the current market conditions? Which trading strategies are working for you? Let's discuss and help each other grow as traders! Comment below and let's get the conversation started! Original Content: This trading setup is the result of my own innovation and expertise, and is not based on any publicly available information or third-party systems. It is a reflection of my dedication to developing a competitive edge in the markets.
NSE:NIFTY
by tony_fx_sm
#Nifty directions and levels for October 16th.Good morning, friends! 🌞 Here are the market directions and levels for October 16th. Market Overview: The global market is showing a moderately bearish sentiment, while our local market is following a similar trend. We anticipate a neutral to slightly gap-down opening today, with SGX Nifty indicating a negative start of -70 points as of 8 AM. In the previous session, Nifty saw a minor correction, but Bank Nifty maintained a moderately bullish sentiment. Structurally, Nifty is in a range-bound pattern, while Bank Nifty shows a slightly bullish structure. However, with SGX Nifty indicating a negative start today, if this happens, both indices may move in a range-bound structure. Let's explain this further in the charts. Nifty Current View: If the market starts with a gap-down, then the immediate support level (24983) will act as strong support. If the market finds support there, it could take a minimum pullback of 38% to 61% of the minor swing, likely continuing the same range-bound movement. This is the basic structure. Alternate View: The alternate view suggests that if the market breaks this level solidly or consolidates at that level, the correction is likely to continue towards 24882.
NSE:NIFTY
by Manickamtraders
Nifty Intraday Support & Resistance Levels for 16.10.2024On Tuesday, Nifty opened with a gap up, hitting a high of 25,212.05 as it touched the 15-minute supply zone from the previous post. However, it reversed sharply, dropping 200 points to a low of 25,008.15, eventually closing at 25,057.35, down by 70 points. The Weekly Trend (50 SMA) remains positive, while the Daily Trend (50 SMA) stays sideways. Nifty Demand/Support Zones for 16.10.2024: Near Demand/Support Zone (Daily): 24,753.15 - 25,130.50 (current price inside the zone) Near Demand/Support Zone (75m): 24,928.05 - 24,979.10 Far Demand/Support Zone (Daily): 24,522.95 - 24,636.35 Far Demand/Support Zone (Daily): 24,099.70 - 24,196.50 Far Demand/Support Zone (Weekly): 23,893.70 - 24,419.75 Nifty Supply/Resistance Zones for 16.10.2024: Near Supply/Resistance Zone (15m): 25,420 - 25,485.05 Far Supply/Resistance Zone (15m): 25,500.95 - 25,545 Near Supply/Resistance Zone (Daily): 25,739.20 - 25,907.60 Far Supply/Resistance Zone (Daily): 26,151.40 - 26,277.35
NSE:NIFTY
by PriteshPal
Nifty Intraday Support & Resistance Levels for 15.10.2024On Monday, Nifty opened with a gap up, reaching a high of 25,159.75 before closing at 25,127.95, gaining 163 points from the previous close. The Weekly Trend (50 SMA) remains positive, while the Daily Trend (50 SMA) continues to be sideways. Nifty Demand/Support Zones for 15.10.2024: Near Demand/Support Zone (Daily): 24,753.15 - 25,130.50 (current price inside the zone) Far Demand/Support Zone (Daily): 24,522.95 - 24,636.35 Far Demand/Support Zone (Daily): 24,099.70 - 24,196.50 Far Demand/Support Zone (Weekly): 23,893.70 - 24,419.75 Nifty Supply/Resistance Zones for 15.10.2024: Near Supply/Resistance Zone (15m): 25,195.85 - 25,234.05 Far Supply/Resistance Zone (15m): 25,420 - 25,485.05 Near Supply/Resistance Zone (Daily): 25,739.20 - 25,907.60 Far Supply/Resistance Zone (Daily): 26,151.40 - 26,277.35
NSE:NIFTY
by PriteshPal
#nifty directions and levels for October 14th.Good morning, friends! 🌞 Here are the market directions and levels for October 14th. Market Overview: There have been no significant changes in the global or local markets. The global market is showing a bullish sentiment, while our local market has a moderately bearish trend. We anticipate a neutral to slightly gap-up opening today, with SGX Nifty indicating a positive +10 points as of 8 AM. In the previous session, Nifty closed with consolidation, while Bank Nifty experienced a minor correction. However, structurally, both are in a range-bound phase. Trading in a range market can be difficult as we may not see clear movement, direction, or option premium. However, if you’re looking to trade, we can consider a breakout entry, which I'll explain in the charts. Nifty: > If the market breaks either above 25,040 or below 24,897, we can enter a breakout trade. Target levels are 25,167 on the upside and 24,810 on the downside. > It is important to note that after a breakout, if the market experiences gradual movements or rejects the immediate support or resistance level, it is likely to close at the same level as it opened today. > On the other hand, if the market consolidates around the immediate support or resistance level after the breakout, the direction is likely to continue.
NSE:NIFTY
by Manickamtraders
11th Oct 2024 - Stance is bearish even though we fell only 81ptsNifty Stance Bearish ️⬇️ On a week-to-week basis, Nifty only dropped 81 points, but the real reason I am still bearish is because the pullback we had on the 9th was not powerful enough to take out the last swing low. You can also notice the 50 EMA crossing the 200 EMA from top to bottom. I am using a 63mts custom time frame, but this must be true even for the hourly TF. All this happened even when the global markets were rallying. By the way, the US markets' SPX hit new all-time highs. This shrug-off in our markets may have to do with the new SEBI FnO rules. As a surprise to many, the BankNifty weekly index is getting removed and we will have only one Monthly expiry from December 2024. Has this spooked the markets, I think so. We will discuss that in a while. For the week of 14th to 18th Oct, I wish to start with a bearish stance and then go neutral if 25230 is taken out decisively.
NSE:NIFTYShort
by viswaram
Nifty Intraday Support & Resistance Levels for 14.10.2024On Friday, Nifty opened flat to slightly negative, trading within a narrow 100-point range throughout the day. It made a high of 25,028.65 and a low of 24,920.05, eventually closing at 24,964.25, down by 34 points from the previous close. The Weekly Trend (50 SMA) remains positive, while the Daily Trend (50 SMA) is sideways. The support and resistance zones are unchanged from the last update. Demand/Support Zones: Near Demand/Support Zone (Daily): 24,753.15 - 25,130.50 (current price inside the zone) Far Demand/Support Zone (Daily): 24,522.95 - 24,636.35 Far Demand/Support Zone (Daily): 24,099.70 - 24,196.50 Far Demand/Support Zone (Weekly): 23,893.70 - 24,419.75 Supply/Resistance Zones: Near Supply/Resistance Zone (15m): 25,195.85 - 25,234.05 Far Supply/Resistance Zone (15m): 25,420 - 25,485.05 Near Supply/Resistance Zone (Daily): 25,739.20 - 25,907.60 Far Supply/Resistance Zone (Daily): 26,151.40 - 26,277.35
NSE:NIFTY
by PriteshPal
NIFTY50: INSTITUTIONAL LEVELS FOR 11/10/2024QUICK GUIDE - Use 5 minute timeframe - Try to take enters at retest - Use multiple confirmation - Read full description before investing - Try to take ATM options or above Explanation: This is a very useful trading system. This means that you should not take a trade blindly, but rather that there is another confirmation to take the trade you can use this for perfect entry and perfect exit This trading opportunity is based on volume, previous price, and price range , are included Entry/Exit point's: - It has very easy entry and exit points - In this pair of lines with two colors are given (RED AND BLUE) - In this the blue line is used to take long entry and the red line is used to take short entry (But it is all based on a more conformation from your trading plan) Stop Loss/Take Profit: Stop Loss - According to this, if you take a long trade, its stop loss will be the red line just below ( A trade can exit either when the price crosses the red line or the 5 minute candlestick crosses the red line. (This can be done according to your preference) ) - A short entry should use the opposite rules to a long entry Take Profit -When you take a long entry according to the profit to be booked is on the next red line above. ( Or if there are other reasons, it can be a safe exit ) - Opposite rules for booking profit on long entry are to book profit on short trade. ( The blue line above is the stop loss of short entry ) Timeframe: According to this, the time frame you should use while taking trades is 5 minutes time frames . (5 minute time frame works well in this) Risk Disclaimer: Trading carries significant risk and is not suitable for all traders. You may lose some or all of your capital in a matter of minutes or hours. Market conditions can change rapidly, and prices can move against you quickly. You may not always be able to exit at a favorable price, and you may be required to hold a position overnight, exposing yourself to additional risk. Day trading involves high risk, high leverage, and high stakes, and you should only trade with funds you can afford to lose. Please carefully consider your financial situation, risk tolerance, and trading objectives before engaging in day trading. Engagement: Share your insights, ask questions, and learn from others in the community. Whether you're a seasoned pro or just starting out, we're all in this together. What's your take on the current market conditions? Which trading strategies are working for you? Let's discuss and help each other grow as traders! Comment below and let's get the conversation started! Original Content: This trading setup is the result of my own innovation and expertise, and is not based on any publicly available information or third-party systems. It is a reflection of my dedication to developing a competitive edge in the markets.
NSE:NIFTY
by tony_fx_sm
#nifty directions and levels for October 11th.Good morning, friends! 🌞 Here are the market directions and levels for October 11th. Market Overview: There have been no significant changes in the global or local markets. The global market is displaying a bullish sentiment, while our local market is showing a moderately bearish trend. A neutral to slightly gap-down opening is anticipated today, with SGX Nifty indicating a negative -20 points as of 8 AM. In the previous session, Nifty consolidated while Bank Nifty saw a solid upward move; however, it closed near the previous day’s high. Structurally, both indices differ, but sentiment suggests that major movements are slowing down. so If the market opens neutral, it may consolidate between nearby support and resistance levels. After that, if a breakout occurs, we can follow the direction—whether to the upside or downside. This is our primary direction for today. Let’s take a closer look at the charts. Nifty Current View: If the market starts neutral or negative, it may find support around 24,924 to 24,900. If support is found, Nifty could consolidate between 24,924 and 25,001 on the upside. After this, if the range breaks, we can follow the direction, whether it’s to the upside or downside. This is our first variation. Alternate View: The alternate view suggests that if the market breaks or consolidates around the immediate support level (24,924), the correction may continue, reaching at least 78% to the downside.
NSE:NIFTY
by Manickamtraders
Nifty Intraday Support & Resistance Levels for 11.10.2024On Thursday, Nifty opened with a gap up, reaching a high of 25,134.05 before pulling back to a low of 24,979.40 in the final 30 minutes of trading. It closed slightly higher at 24,998.45, gaining 16 points from the previous session. The Weekly Trend (50 SMA) remains positive, while the Daily Trend (50 SMA) is sideways. Support and resistance zones remain unchanged from the last post. Demand/Support Zones: Near Demand/Support Zone (Daily): 24,753.15 - 25,130.50 (current price inside the zone) Far Demand/Support Zone (Daily): 24,522.95 - 24,636.35 Far Demand/Support Zone (Daily): 24,099.70 - 24,196.50 Far Demand/Support Zone (Weekly): 23,893.70 - 24,419.75 Supply/Resistance Zones: Near Supply/Resistance Zone (15m): 25,195.85 - 25,234.05 Far Supply/Resistance Zone (15m): 25,420 - 25,485.05 Near Supply/Resistance Zone (Daily): 25,739.20 - 25,907.60 Far Supply/Resistance Zone (Daily): 26,151.40 - 26,277.35
NSE:NIFTY
by PriteshPal
#nifty directions and levels for October 10th.Good morning, friends! 🌞 Here are the market directions and levels for October 10th. Market Overview: The global market is displaying bullish sentiment, while our local market shows a moderately bearish trend. A gap-up opening is anticipated today, with SGX Nifty indicating an increase of approximately +110 points as of 8 AM. In the last session, we saw a lot of movement due to the RBI policy. The market is still somewhat weak overall, but the Gift Nifty is showing a positive start with around +100 points gap-up. This is because of global factors, like the Dow Jones going up strongly after the FOMC minutes. Gift Nifty also reacted to this. What should we do with this sentiment? We should wait for a breakout in a certain range. If the market breaks this range, we can follow that direction because of the mixed local and global factors. I'll explain this more clearly in the charts. Nifty and Bank Nifty have similar chart patterns. Nifty Current View: The current view suggests that if the gap-up doesn't sustain or the market rejects near the immediate resistance level of 25,173, then the correction may likely continue with a minimum downside of 78%. However, one additional confirmation is needed: after rejection, the market should break the lower trendline or the previous day's closing candle. Alternate View: The alternate view suggests that if the gap-up sustains, the market may consolidate around the 25,173 level. After consolidation, if this level is broken, we can expect the pullback to continue, targeting a minimum upside level of 25,272 to 78%.
NSE:NIFTY
by Manickamtraders
Nifty Intraday Support & Resistance Levels for 10.10.2024On Wednesday, Nifty opened gap up, briefly crossed the Daily Demand zone (above 25,130.50) and reached a high of 25,234.05. However, it couldn't sustain the momentum and dropped to a new day low of 24,947.70, finally closing at 24,981.95, losing 31 points from the previous close. Keep a close watch on the key support level at 61.8% FIBO (24,804.25). The Weekly Trend (50 SMA) is still positive, while the Daily Trend (50 SMA) remains sideways. Demand/Support Zones: Near Demand/Support zone (Daily): 24,753.15 - 25,130.50 (current price inside the zone) Far Demand/Support zone (Daily): 24,522.95 - 24,636.35 Far Demand/Support zone (Daily): 24,099.70 - 24,196.50 Far Demand/Support zone (Weekly): 23,893.70 - 24,419.75 Supply/Resistance Zones: Near Supply/Resistance Zone (15m): 25,420 - 25,485.05 Near Supply/Resistance Zone (Daily): 25,739.20 - 25,907.60 Far Supply/Resistance Zone (Daily): 26,151.40 - 26,277.35
NSE:NIFTY
by PriteshPal
Nifty weekly expiry analysis for 10/10/2024Market has given a nice movement and for two days it remained in a range but is volatile. There are chance of market either follow the bearish trend or form a 'W' pattern. Nifty has closed around crucial levels from where it can either reverse the trend or continue falling. Major support level :- 24760, 24600 Resistance level :- 25210, 25480 The weekly expiry can show a trending move after a break out or break down. Wait for the price action near the levels before entering the market.
NSE:NIFTY
by Mambotrade
#nifty directions and levels for October 9th."Good morning, friends! 🌞 Here are the market directions and levels for October 9th. Market Overview: The global market is still maintaining a moderately bullish sentiment, while our local market shows a moderately bearish trend. A neutral to gap-up opening is expected today, with SGX Nifty indicating a positive move of around +20 points as of 8 AM. Today, we have a major event: the RBI monetary policy announcement. This means the market is likely to move based on this data, which will be released around 10 AM. Therefore, technical analysis may not play a significant role today. However, structurally, both the Nifty and Bank Nifty remain in a bearish bias since they haven't broken the 38% Fibonacci level in the overall correction. So, if the market rejects the key resistance level, we can expect the correction to continue."
NSE:NIFTY
by Manickamtraders
Nifty Intraday Support & Resistance Levels for 09.10.2024On Tuesday, Nifty opened with a gap up, as expected, finding support near the 61.8% FIBO level (24,804.25). It made a high of 25,044 and closed at 25,013.15, gaining 217 points from the previous session. If Nifty breaks and sustains above 25,143, we might see a bullish rally that could extend to 25,420 or even 25,739. The Weekly Trend (50 SMA) remains positive, while the Daily Trend (50 SMA) is sideways. Demand/Support Zones: Near Demand/Support zone (Daily): 24,753.15 - 25,130.50 (current price inside the zone) Far Demand/Support zone (Daily): 24,522.95 - 24,636.35 Far Demand/Support zone (Daily): 24,099.70 - 24,196.50 Far Demand/Support zone (Weekly): 23,893.70 - 24,419.75 Supply/Resistance Zones: Near Supply/Resistance Zone (15m): 25,420 - 25,485.05 Near Supply/Resistance Zone (Daily): 25,739.20 - 25,907.60 Far Supply/Resistance Zone (Daily): 26,151.40 - 26,277.35 Keep an eye on 25,143—if this level is broken, the rally could gather steam!
NSE:NIFTY
by PriteshPal
Nifty Intraday Support & Resistance Levels for 08.10.2024On Monday, Nifty opened with a gap up and touched a high of 25,143, but the momentum couldn’t hold. It fell sharply, dropping 449 points from the top and hitting a low of 24,694.35. Nifty eventually closed at 24,795.75, losing 218 points from the previous session. Despite briefly breaking below the key support of 24,753, it managed to close above it. If Nifty breaks this level again, we could see further declines toward 24,636 or even 24,420. However, Nifty is also near the 61.8% Fibonacci level (24,804.25), so if it holds above 24,753, we may see a short-term bounce. The Weekly Trend (50 SMA) remains positive, while the Daily Trend (50 SMA) has turned sideways. Demand/Support Zones: Near Demand/Support Zone (Daily): 24,753.15 - 25,130.50 (current price inside the zone) Far Demand/Support Zone (Daily): 24,522.95 - 24,636.35 Far Demand/Support Zone (Daily): 24,099.70 - 24,196.50 Far Demand/Support Zone (Weekly): 23,893.70 - 24,419.75 Supply/Resistance Zones: Near Supply/Resistance Zone (15m): 25,420 - 25,485.05 Near Supply/Resistance Zone (Daily): 25,739.20 - 25,907.60 Far Supply/Resistance Zone (Daily): 26,151.40 - 26,277.35 Stay cautious as we approach these critical levels!
NSE:NIFTY
by PriteshPal
Nifty 50 Reversal: Critical Levels and Sign of a Possible ReboudThe Nifty 50 index has been showing signs of weakness recently, as indicated by the red candle formations and the current price trending below crucial Fibonacci retracement levels. As of today, Nifty has been testing the support zones near the 0.618 Fibonacci level (24,402.75), which could serve as a pivot for a potential reversal. Let's dive into the factors suggesting a possible market bounce from here. Technical Overview 1. Fibonacci Retracement Levels: The price has pulled back from the recent highs around 26,272.50 and is hovering near the 0.618 retracement level at 24,402.75. A break below this level could lead the index toward the next key level at 23,893.70, the 100% retracement mark. On the upside, if the price manages to hold the 0.618 level, the next resistance would be the 0.5 level at 25,083.10. 2. Moving Averages: The 200-day moving average is still trending upward, signaling long-term bullish momentum. However, the 50-day moving average is flattening, indicating indecision in the medium term. The current price is hovering between the 50-day and 200-day moving averages, suggesting that the upcoming price action could be critical in determining the next major move. 3. MACD Analysis: The MACD histogram has turned negative, and the MACD line is crossing below the signal line. This is typically a bearish signal, but it’s worth noting that we are nearing oversold conditions, and a bullish crossover could be on the horizon if buyers step in at these key support levels. 4. RSI Divergence: The RSI is currently around the 36.77 level, nearing oversold territory. Historically, RSI readings below 40 in this range have often preceded significant rebounds in Nifty 50. Watch for bullish divergence as the RSI nears this key level, as it may indicate that downward momentum is weakening and that buyers could soon gain control. Institutional Flows Recent data suggests that Foreign Institutional Investors (FIIs) have been net sellers of Indian equities, particularly with large sell-offs in the cash segment amounting to ₹-8,293.41 crores on October 7, 2024. However, Domestic Institutional Investors (DIIs) have stepped in with a net purchase of ₹13,245.12 crores. This balance between FII selling and DII buying has helped stabilize the market, but FII futures purchases have added some positive momentum. Key Takeaways: Support Zone: The 0.618 Fibonacci retracement level (24,402.75) is a critical support. A strong bounce from this zone could lead to a reversal. Indicators: Oversold RSI levels suggest that the selling momentum is overextended, and we could see a shift in market sentiment. Institutional Activity: DII buying is providing much-needed support to the market, and FII futures activity shows some signs of optimism. Conclusion: Traders should watch for signs of a reversal, especially if the price holds above the 24,400 zone. Confirmation will come from a break above the 25,083 level, which would signify a change in short-term trend dynamics. A failure to hold current levels, however, could lead the index to test the 23,893 mark.
NSE:NIFTY
by strategystack
#Nifty directions and levels for the 2nd week of October.Good evening, friends! 🌞 Here are the market directions and levels for the 2nd week of October. Global Outlook: In the previous week, the global market closed where it started, indicating that the past two weeks have seen global markets in a range-bound market. Structurally, this is a moderately bullish trend, so we can expect the continuation of this range during the week. Once the range breaks, the trend is likely to continue. In the meantime, there are some important economic data releases this week, including FOMC minutes, Balance of Trade, Inflation Rate, Initial Jobless Claims, and PPI, so we should watch these closely. Our Market: Last week, both Nifty and Bank Nifty fell drastically due to F&O-related factors. Structurally, this indicates a clear bearish trend, but the RSI is suggesting a slight bounce back due to the occurrence of divergence. If this happens, we can expect a minimum of a 38% bounce back in the minor swing. We can discuss this in more detail in the charts. Additionally, we have a major event this week: the RBI Policy announcement. Current View: The current view based on the RSI data is as follows: * The RSI divergence is likely to occur in the sub-wave 5. The structure suggests there is a 5th sub-wave forming. Once the market starts to bounce back, we can close the 5-wave structure in the 1st leg of the correction, leading into the 2nd leg. * The ideal 2nd leg is a three-wave structure, which could take a minimum of 38% to 61% bounce back from the previous swing. > In rare occasions, it could reach 78%. Structurally, it won’t go beyond this level; however, if it does, the overall trend will turn bullish. * Once the three-wave structure (2nd leg) completes, the 3rd wave will begin. The 3rd wave is a correctional wave; if it rejects and cuts below the EMA20 line, we can assume that the downtrend may continue further. This is our first variation. Alternate View: * The alternate view suggests that if the week starts with a negative candle, it may evolve into a diagonal structure. * A diagonal is a time adjustment pattern, so the correction could continue with some minor bounce backs. * However, the diagonal also indicates a sub-wave of the 5th. Once the diagonal pattern breaks upwards, the previous sentiment will apply here as well, meaning we can expect a minimum of a 38% bounce back from the previous swing.
NSE:NIFTY
by Manickamtraders
4th Oct 2024 - Nifty Slips 1130pts ~ 4.32%, stance bearishNifty Stance Bearish ️⬇️ What a dramatic week it has been, Nifty falls 1130pts ~ 4.32% after SEBI's new FnO rule changes go live. What spooked the markets? I guess the fear that liquidity may get sucked out post 20th November 2024. Or is it because China's stock market is going limit up? The fall in our market was kind of different, usually the bear power lasts only 2 days after which the bulls will come in and rally the markets to new all time highs. Hope we get a bear run continuation for a while now, few of the stocks and the main indices in particular are overvalued. A retracement will shake off the greed and insanity. Our stance has changed to bearish with the stop loss at 25247 above which we will go neutral.
NSE:NIFTYShort
by viswaram