Nifty volatality range expanded - check the levels The market pulled back more than I expected, and now it’s starting to look like a proper correction. But there’s nothing surprising about it — that’s the market’s nature, to surprise you every time.
Nifty has dropped more than 400 points from its recent high this week. On the intraday chart, it closed below the 24839 support on a weekly basis.
With that, Nifty has formed its Decision Range (DR) at 24845 for tomorrow, and the Pivot percentile is 0.19%, which clearly suggests we might see a trending move tomorrow.
Two possible scenarios for tomorrow:
1. If Nifty opens above 24845 and breaks 24908, we might see a bounce due to short covering. However, the probability of this scenario seems low as the market is heavily bearish.
2. If Nifty opens below 24845, trades below it for the first hour, and breaks 24860, it can fall further towards 24710. The final support for this week, as per the chart, should be around 24502. But remember — the market won’t do what you want; it will do what it has to.
Talking about Friday’s session — the candle broke its range, and sellers’ volume was 43 million higher than buyers. Clearly, sellers are still dominating.
For the coming week, the volatility range on the chart is 25047 to 24502.
BankNifty levels:
- Decision Range: 56713
- Weekly Support: 55899
- Resistance: 56791
On the sectoral side, agriculture proxy stocks are showing some excellent setups. One of them, NSE:SHARDACROP , which I traded, gave a solid 19.63% move on Friday.
I am also holding another one from this sector.
And of course, I'm not ignoring my Earnings Pivot setups — because in this kind of market, that’s the only reliable way to generate consistent income.
And when Agri + Earnings Pivot come together — you know how explosive that can be!
That’s all for today.
Take care.
Have a profitable week ahead.
