Nifty important levels and trade plan for Thursday, 7th March
Nifty important levels and trade plan for Thursday, 7th March
In daily time frame Nifty is in uptrend, and for tomorrow, we will look for mainly bullish trades, as there are plenty of support levels too. However, we may enter into bearish trades, if necessary, with limited quantity, and for very small targets.
There will be resistance zone between 22497 and 22514 level, will go for buy side trades after Nifty crossing this zone, in case of flat or minor gap down opening. In case of gap up opening above this level. Will wait for price action to form if necessary. 22579 will our first target. From where we may expect a reversal too. Above this 22675 and 22798 will be the second and third target levels.
In case of gap up opening, at 22579.45, we may directly plan for bearish trade without any price action, with a very tiny SL, and target up to 22514.
In case of flat opening, after Nifty crossing 22433.55 level, with a proper price action, we may plan for bearish trade, but with limited quantity. 22392.75, 22359.9, 22327.05 will be our target levels. And may expect reversal form any of the levels. Similarly, near all these levels, with a price action, may plan for a bullish trade. After Nifty crossing 22359.9, we may plan for a proper downside trade, but will have to wait, and will prefer if it happens after 12:30 PM. 2282.35 and 22223.2 will be our next target levels.
*Personal opinion, not a trade advice*
*Support and resistance levels are based on Fibonacci*
In daily time frame Nifty is in uptrend, and for tomorrow, we will look for mainly bullish trades, as there are plenty of support levels too. However, we may enter into bearish trades, if necessary, with limited quantity, and for very small targets.
There will be resistance zone between 22497 and 22514 level, will go for buy side trades after Nifty crossing this zone, in case of flat or minor gap down opening. In case of gap up opening above this level. Will wait for price action to form if necessary. 22579 will our first target. From where we may expect a reversal too. Above this 22675 and 22798 will be the second and third target levels.
In case of gap up opening, at 22579.45, we may directly plan for bearish trade without any price action, with a very tiny SL, and target up to 22514.
In case of flat opening, after Nifty crossing 22433.55 level, with a proper price action, we may plan for bearish trade, but with limited quantity. 22392.75, 22359.9, 22327.05 will be our target levels. And may expect reversal form any of the levels. Similarly, near all these levels, with a price action, may plan for a bullish trade. After Nifty crossing 22359.9, we may plan for a proper downside trade, but will have to wait, and will prefer if it happens after 12:30 PM. 2282.35 and 22223.2 will be our next target levels.
*Personal opinion, not a trade advice*
*Support and resistance levels are based on Fibonacci*