Gap Opening Scenario:
If NIFTY opens with a gap above 22350 and maintains this level for the first hour, traders may consider a relief rally trade targeting 22453-22511. Should the price sustain above 22511, further upward movement towards 22673 could be observed. Conversely, if the price fails to sustain above 22350 and drops below 22300, support at 22274 may be breached, leading to a downside movement towards 22147-22101. Sellers may book profits in this range, potentially prompting a recovery towards 22300-22320.
Flat Opening Scenario:
In the event of a flat opening between 22318-22274, a breakdown below 22274 could signal a further decline towards 22147-22101, serving as a profit booking zone for sellers. Conversely, a break above 22320 may initiate a recovery towards 22453-22511.
Gap Down Opening Scenario:
If NIFTY opens with a gap below 22200, it may initially drop towards the seller’s profit booking range of 22147-22101. However, a quick recovery above 22330 could signal a rebound towards 22400-22450-22511.
Conclusion:
Traders should closely monitor the key levels mentioned above and adjust their strategies accordingly. Risk management and timely decision-making are crucial in navigating the market fluctuations.
Disclaimer:
The trading plan provided here is for informational purposes only and should not be considered as financial advice. Trading involves risks, and past performance is not indicative of future results. Traders should conduct their own analysis and consult with financial professionals before making any trading decisions.