As seen a very bearish in the market for the 3 consecutive sessions, still market is not looking in good mood for the Thursday. Reliance still looks strong, it may take the NIFTY into bullish, because 23rd is the big day for the heavy weighted stock of the market. The other side HDFC is week.
Here are the Support and Resistance levels for the...
Thought Process - Price has rejected multiple time from its resistance level of 1900 (at which there is a massive open interest of Call Writers), one it holds 1900 levels there can be a good breakout leading the price to its next round level of 2k.
Trade Plan - 50% positions can be initiated now with SL of 50EMA on a closing basis & next 50% when it holds 1900 levels.
We see price rejection off the 1.748 area(a key area on daily timeframe) after the successful downward rally. we looking for the bounce back to 1.7830. allso have to be cautious of the downside below 1.748 area for the fake out before the main move to the target.
Weekend lvl 6 + Double IB
Has been falling from past 6 days without breaking PDH. Now it has made two back to back inside bars near support zone.
Long above 426, SL PDL
PDL = 421.30
If gap up or down, follow 5m ORB.