Nifty today opens huge gap down and provide a correction on daily time frame to a downward trend, and we may see continuation of the same downward trend in coming days.
For tomorrow, we will consider the range between 17376 to 17280 as no trade zone, if Nifty opens between this zone and then after crossing it in downside, we will enter into a bearish trade. 17167, 17074 and 16918 will be the important support levels. In this kind of setup, we will enter the trade with full quantity. Now if opens below this zone, then we will wait Nifty to reach to a particular support level (17167/17074) and there depending on price action we will go for trade, but if Nifty reaches 16918, then we may go for bullish trade, depending on time and RSI, again with limited quantity, and with tight stop loss.
Similarly, if nifty crosses 17376 level after opening in no trade zone, will enter into bullish trade, but again with a limited quantity and with trailing stop loss at every step. 17487 and 17624 will be the resistance levels. For any opening near the resistance levels, will definitely search for shorting opportunity.
If we see the OI data, 17700 has highest OI in CE side followed by, 17500 and 17000 and 17300 has almost similar and huge build-up of OI in PE side. So, for tomorrow, Nifty may initially go upside, but resistance plotted near 17500 must work as solid level of rejection.
Daily Central Pivot Range from 17299 to 17273
Weekly Central Pivot Range from 17551 to 17535
Monthly Central Pivot Range from 16886 to 16341
Important note- Holiday on Wednesday, will make some impression in option premium, so buyers may need to be careful.
*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 28th August, 5:50 PM**
***Personal opinion, not a trading advice***
#NIFTY50
For tomorrow, we will consider the range between 17376 to 17280 as no trade zone, if Nifty opens between this zone and then after crossing it in downside, we will enter into a bearish trade. 17167, 17074 and 16918 will be the important support levels. In this kind of setup, we will enter the trade with full quantity. Now if opens below this zone, then we will wait Nifty to reach to a particular support level (17167/17074) and there depending on price action we will go for trade, but if Nifty reaches 16918, then we may go for bullish trade, depending on time and RSI, again with limited quantity, and with tight stop loss.
Similarly, if nifty crosses 17376 level after opening in no trade zone, will enter into bullish trade, but again with a limited quantity and with trailing stop loss at every step. 17487 and 17624 will be the resistance levels. For any opening near the resistance levels, will definitely search for shorting opportunity.
If we see the OI data, 17700 has highest OI in CE side followed by, 17500 and 17000 and 17300 has almost similar and huge build-up of OI in PE side. So, for tomorrow, Nifty may initially go upside, but resistance plotted near 17500 must work as solid level of rejection.
Daily Central Pivot Range from 17299 to 17273
Weekly Central Pivot Range from 17551 to 17535
Monthly Central Pivot Range from 16886 to 16341
Important note- Holiday on Wednesday, will make some impression in option premium, so buyers may need to be careful.
*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 28th August, 5:50 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.
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.