On daily time frame Nifty formed a doji candle, which probably signifies a pause to its current uptrend, and in coming days we may see a correction, and the formation of double top near 18493 level indicates the same.
Currently, SGX Nifty is almost 60 points negative, and we may expect its continuation in downside furthermore, which will hamper the opening of nifty for tomorrow and will play a major role in deciding the trend of Nifty for coming days.
For tomorrow, zone between 18453 and 18439 will play a major role, and for us it will be our no trade zone, if nifty opens below this zone, we may expect the downside move and above this zone and breaking of 18493 level it will be bullish again.
Tomorrow, below 18439 we will look for a bearish trade, if Nifty opens flat or slight gap down. In that case first level of support will be 18411, where we may expect a pause and then second support will be a zone between 19392 and 18386, and a reversal can be expected from this zone only. Crossing this zone will have 18368 level for a pause and then 18342 will be the final possible reversal level.
In case of gap down opening between no trade and support zone, we will wait for Nifty to reach either side, and then depending on the price action we will enter into a trade. For bearish trade, near no trade zone will depend on 5-minute time frame, and for reversal near support zone will have to wait to form a price action in 15 minute. Again, crossing of support zone, will have to watch for bearish trade only.
For any price action, above or near no trade zone for upside, in 15-minute time frame, will enter into bullish trade. Initial target will be 18493. Up to this level, our quantity will be limited, and will enter with full quantity only after a successful crossing of this level, and in that case second target will be 18542.
OI data seems bearish as of now, with huge OI distributed from 18400 in CE side, and considerably less in PE side.
**All support/resistance levels depend on PDH/PDL, breaking either side may change the levels plotted*
**Time of plotting the levels and planning 16th November, 9:35 PM**
***Personal opinion, not a trading advice***
Currently, SGX Nifty is almost 60 points negative, and we may expect its continuation in downside furthermore, which will hamper the opening of nifty for tomorrow and will play a major role in deciding the trend of Nifty for coming days.
For tomorrow, zone between 18453 and 18439 will play a major role, and for us it will be our no trade zone, if nifty opens below this zone, we may expect the downside move and above this zone and breaking of 18493 level it will be bullish again.
Tomorrow, below 18439 we will look for a bearish trade, if Nifty opens flat or slight gap down. In that case first level of support will be 18411, where we may expect a pause and then second support will be a zone between 19392 and 18386, and a reversal can be expected from this zone only. Crossing this zone will have 18368 level for a pause and then 18342 will be the final possible reversal level.
In case of gap down opening between no trade and support zone, we will wait for Nifty to reach either side, and then depending on the price action we will enter into a trade. For bearish trade, near no trade zone will depend on 5-minute time frame, and for reversal near support zone will have to wait to form a price action in 15 minute. Again, crossing of support zone, will have to watch for bearish trade only.
For any price action, above or near no trade zone for upside, in 15-minute time frame, will enter into bullish trade. Initial target will be 18493. Up to this level, our quantity will be limited, and will enter with full quantity only after a successful crossing of this level, and in that case second target will be 18542.
OI data seems bearish as of now, with huge OI distributed from 18400 in CE side, and considerably less in PE side.
**All support/resistance levels depend on PDH/PDL, breaking either side may change the levels plotted*
**Time of plotting the levels and planning 16th November, 9:35 PM**
***Personal opinion, not a trading advice***
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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.