Nifty Trading Plan for 21-Nov-2024
Intro:
On 20-Nov-2024, Nifty displayed a volatile session, with the index struggling to sustain above 23,712, the last intraday resistance. A yellow-shaded "No Trade Zone" highlighted indecisive price action between 23,561 and 23,622. The index tested support near 23,296, which aligns with an SMC entry zone and buyer’s support after a liquidity sweep. The green trend depicted potential bullish moves, while the red trend reflected bearish reversals, helping traders prepare for possible outcomes in the upcoming session.
Trading Plan for 21-Nov-2024:
Intro:
On 20-Nov-2024, Nifty displayed a volatile session, with the index struggling to sustain above 23,712, the last intraday resistance. A yellow-shaded "No Trade Zone" highlighted indecisive price action between 23,561 and 23,622. The index tested support near 23,296, which aligns with an SMC entry zone and buyer’s support after a liquidity sweep. The green trend depicted potential bullish moves, while the red trend reflected bearish reversals, helping traders prepare for possible outcomes in the upcoming session.
Trading Plan for 21-Nov-2024:
- Gap Up Opening (100+ points above 23,561):
If Nifty opens above 23,622, monitor for a breakout above 23,712. Sustained movement here could target the Profit Booking Zone (23,815–23,860).
Wait for the first 15–30 minutes to gauge market direction.
Failure to hold above 23,622 might indicate a reversal, pushing the index back into the "No Trade Zone." - Flat Opening (Near 23,561):
A flat opening within the "No Trade Zone" requires patience. Look for a breakout above 23,622 to go long, targeting 23,712.
A breakdown below 23,468 may trigger bearish momentum toward 23,296 or lower.
Avoid entering trades in the yellow-shaded zone to reduce risk from whipsaws. - Gap Down Opening (100+ points below 23,468):
A gap down below 23,441 may result in bearish momentum towards 23,296, where buyers could provide support.
If 23,296 holds, watch for a pullback toward 23,468 or higher.
A breakdown below 23,296 could open doors to deeper bearish moves, targeting 22,964. Use tight stop-losses for short positions.
Risk Management Tips for Options Traders:
Use stop-losses based on the hourly candle close to avoid getting trapped by intraday volatility.
Avoid trading large positions in the "No Trade Zone"; focus on directional confirmation.
For gap openings, consider strategies like spreads to manage premiums and volatility.
Limit risk to 1–2% of your capital per trade to safeguard against sudden market moves.
Summary and Conclusion:
Key levels to watch are 23,712 on the upside and 23,296 on the downside.
Trade cautiously within the "No Trade Zone" (23,561 – 23,622).
Let the price action guide your trades, with trends expected to be influenced by intraday volatility.
Disclaimer:
I am not a SEBI-registered analyst. This trading plan is for educational purposes only. Traders are advised to conduct their analysis or consult a financial advisor before making any 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.