Currently SGX nifty is almost 200 point negative and is near an important support zone, so we may see some correction in it but still we may expect Nifty to open slight to huge gap down only.
Previously, nifty was in a consolidation phase of a downtrend, and with a gap down opening we will consider the continuation of the down trend, and will plan for bearish trades only. However, if it reaches a support zone near 17337, we may go for bullish scalping trade.
If nifty opens flat, then after crossing 17550 we will enter into bearish trade, targets will 17479, 17409 and 17337. For Opening below 17479, we will have to wait for profit booking and correction in RSI and then according to conditions, will try to ride the trend. Same will be the scenario, for an opening near 17409 support level. However, near 17337 support zone here marked in green will not wait for price action, and if Nifty forms any bullish candle will enter into a bullish scalping trade, considering previous support levels as targets- (reason for bullish trade-it is an important support level in weekly time frame). Again, for an opening below the mentioned support zone we will wait for price action only, before entering into a trade.
17700 level has highest OI in CE side, but after a huge gap down opening it will not matter much and same will be the case with 17500 level which has the highest OI in PE side, and if Nifty opens much below this level then this level will not carry any importance, and then 17200 will be the next important level with second highest OI in PE side.
Daily Central Pivot Range from 17602 to 17573
Weekly Central Pivot Range from 17551 to 17535
Monthly Central Pivot Range from 16886 to 16341
*All support and resistance plotted are based on PDH/PDL. For any reversal after breaking PDH/PDL, support and resistance levels will be different*
**Time of plotting the levels and planning 27th August, 9:20 PM**
***Personal opinion, not a trading advice***
#NIFTY50
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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.