Gap Up Opening Above 22,250:
If NIFTY opens with a gap up above 22,250 and sustains above this level, while finding support around 22,240, a buying opportunity may arise with targets at 22,392 – 22,475. However, if it fails to hold above 22,250 and trades below 22,290 with resistance at 22,240, consider a short trade with a stop loss at 22,250 and targets of 22,050 – 22,000 – 21,977.
Flat Opening:
In case of a flat opening, if NIFTY faces initial resistance near 22,240 and trades below 22,200, consider a short trade with a stop loss at 22,250 and targets of 22,050 – 21,980. Conversely, if it sustains above 22,240 and finds support, consider a buying opportunity with a stop loss at 22,220 and targets of 22,307 – 22,392.
Gap Down Opening Below 22,050:
In the scenario of a gap down opening below 22,050, anticipate initial downward movement with a potential buying opportunity near 21,980 – 21,863, targeting 22,239 – 22,240 – 22,300. Only consider short trades if prices drop below 21,863 – 21,850 with a stop loss at 22,100 and targets of 21,675 – 21,600.
Conclusion:
NIFTY is poised for various scenarios on April 22, 2024, with potential trading opportunities based on opening price actions. Traders should remain vigilant and adapt their strategies accordingly to capitalize on market movements.
Disclaimer:
Trading in financial markets involves risk and may not be suitable for all investors. The provided trading plan is for informational purposes only and does not constitute financial advice. Traders should conduct their own research and consult with a qualified financial advisor before making any investment decisions.