Previous Day’s Chart Overview:
On 07-Nov-2024, Nifty displayed a bearish movement with opening tick , with a clear consolidation phase after the breaking mentioned support zone. The chart highlights significant levels for both support and resistance that are likely to influence price movements on 08-Nov. The Yellow trend represents the sideways movement, the Green trend indicates a bullish scenario, and the Red trend shows potential bearish paths.
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Trading Plan for 08-Nov-2024
Gap Up Opening (100+ points):
Flat Opening (within ±50 points):
Gap Down Opening (100+ points):
Risk Management Tips for Options Trading:
Summary & Conclusion:
Tomorrow’s market could present significant trading opportunities given the current setup, especially around key support and resistance zones. Be cautious near the “Do or Die” level for buyers at 23,700.00, as it may lead to a trend reversal. Focus on risk management to protect capital in volatile conditions.
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Disclaimer:
I am not a SEBI-registered analyst. This analysis is for educational purposes only and should not be considered as investment advice. Please consult a financial advisor before making trading decisions.
On 07-Nov-2024, Nifty displayed a bearish movement with opening tick , with a clear consolidation phase after the breaking mentioned support zone. The chart highlights significant levels for both support and resistance that are likely to influence price movements on 08-Nov. The Yellow trend represents the sideways movement, the Green trend indicates a bullish scenario, and the Red trend shows potential bearish paths.
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Trading Plan for 08-Nov-2024
Gap Up Opening (100+ points):
- If Nifty opens above 24,358.00 (Opening Resistance) and holds, look for buying opportunities on pullbacks near this level. A sustained move above could target 24,460.00, the next intraday resistance.
- Should Nifty face resistance near 24,460.00 and fail to break above, consider short opportunities for a quick pullback to 24,358.00.
- Watch for a potential breakout above 24,460.00 which could trigger a move towards the 24,643.00 – 24,714.00 zone, where sideways resistance may impact the uptrend. Book profits or trail stops in this range.
Flat Opening (within ±50 points):
- If Nifty opens near 24,190.60 and finds support above 24,174.95 (Opening Support), consider long positions targeting 24,358.00 (Opening Resistance).
- A failure to hold 24,174.95 could signal weakness; watch for a potential test of 24,106.25 (Best Buying Level), a strong support level for intraday buyers.
- If Nifty consolidates between 24,174.95 and 24,106.25, remain cautious with small trades until a clear breakout or breakdown occurs.
Gap Down Opening (100+ points):
- If Nifty opens near or below 24,106.25 (Best Buying Level), observe if it finds support. A strong buying interest here could provide an opportunity to target the 24,174.95 - 24,190.60 zone.
- A breakdown below 24,106.25 may lead to a bearish trend toward 23,970.00, the next critical support level. Traders can consider short positions here with strict stop-losses.
- If Nifty tests and breaks below 23,970.00, the next “Do or Die” level for buyers is at 23,700.00, where a trend reversal may occur if supported by volume.
Risk Management Tips for Options Trading:
- Always use stop-loss orders, especially when trading near resistance and support levels.
- Limit your position size to a maximum of 2-3% of your total capital to manage risk efficiently.
- For option trades, consider hedging strategies such as spreads or using out-of-the-money options to minimize premium risks in volatile markets.
Summary & Conclusion:
Tomorrow’s market could present significant trading opportunities given the current setup, especially around key support and resistance zones. Be cautious near the “Do or Die” level for buyers at 23,700.00, as it may lead to a trend reversal. Focus on risk management to protect capital in volatile conditions.
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Disclaimer:
I am not a SEBI-registered analyst. This analysis is for educational purposes only and should not be considered as investment advice. Please consult a financial advisor before making trading decisions.
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.