Nifty Trading Strategy for 19th November 2024Detailed Nifty Spot Trading Strategy
Trading Plan:
Buy Above 23,625
Wait for the Nifty Spot Index to close above 23,625 on a 15-minute candle.
After confirmation, initiate a BUY position.
Target Levels:
Target 1: 23,700
Target 2: 23,750
Sell Below 23,350
Wait for the Nifty Spot Index to close below 23,350 on a 15-minute candle.
After confirmation, initiate a SELL position.
Target Levels:
Target 1: 23,298
Target 2: 23,100
Current Value:
Nifty Spot Index: 23,454
Support and Resistance Levels:
Supports:
23,298: Key level where buying interest might emerge.
23,100: Strong support zone that could hold in case of heavy selling pressure.
Resistances:
23,700: Initial hurdle for the upward move.
23,750: Major resistance level, likely to cap any strong bullish momentum.
Key Notes for Traders:
Use these levels as a reference for trading Nifty Futures and Options.
Ensure to confirm the breakout or breakdown of the above levels using a 15-minute candle close for better accuracy.
Book Profits at regular intervals and use trailing stoploss.
Disclaimer:
I am not SEBI Registered. This trading strategy is for educational purposes only and should not be considered as financial advice. Trading in financial markets involves significant risk and may result in substantial losses. It is important to conduct your own analysis and consult with your financial advisor before making any trading decisions. These levels are derived from the Nifty Spot Index, but traders can apply them to Nifty Futures and Options trading. Past performance is not a guarantee of future results. Use proper risk management techniques and trade responsibly.
