Nifty continued its downtrend today, with a fall of just above 70 points in daily time frame, and we finally have reached the last week of the year 2022. And according to statistics, we may expect a non-trending upcoming week, and we will plan our trade accordingly.
For tomorrow, between 18194 and 18146, we will avoid directional trade, however if Nifty opens between these tow levels will start a non-directional trade up to the expiry.
After nifty crossing either side of this zone, with a price action will go for bullish or bearish trade. For bullish trade our quantity will be limited, and for bearish trade below 18066 will go with full quantity. For upside 18267 and 18320 will be the targets, and for downside, 18066 and 17980 will be the target levels.
For a flat opening, we may expect a sideways market, toggling between support at 18066 and 18146, and in that case, we can create one credit spread and after based on price action may complete the other leg near resistance levels. Same will be the planning for any opening above 18194 but starting with opposite direction.
After flat opening, if Nifty crosses 18066 level, we may expect some fall, and then we may go for directional bearish trade up to 17980.
OI data is neutral, and coming to a conclusion based on this data is little difficult.
**All support/resistance levels depend on PDH/PDL, breaking either side may change the levels plotted*
**Time of plotting the levels and planning 22nd December, 4:15 PM**
***Personal opinion, not a trading advice***
For tomorrow, between 18194 and 18146, we will avoid directional trade, however if Nifty opens between these tow levels will start a non-directional trade up to the expiry.
After nifty crossing either side of this zone, with a price action will go for bullish or bearish trade. For bullish trade our quantity will be limited, and for bearish trade below 18066 will go with full quantity. For upside 18267 and 18320 will be the targets, and for downside, 18066 and 17980 will be the target levels.
For a flat opening, we may expect a sideways market, toggling between support at 18066 and 18146, and in that case, we can create one credit spread and after based on price action may complete the other leg near resistance levels. Same will be the planning for any opening above 18194 but starting with opposite direction.
After flat opening, if Nifty crosses 18066 level, we may expect some fall, and then we may go for directional bearish trade up to 17980.
OI data is neutral, and coming to a conclusion based on this data is little difficult.
**All support/resistance levels depend on PDH/PDL, breaking either side may change the levels plotted*
**Time of plotting the levels and planning 22nd December, 4:15 PM**
***Personal opinion, not a trading advice***
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.