This analysis explores potential trading strategies for the Nifty based on various opening scenarios for April 23, 2024.
Key Levels:
- Support 1: 22,274
- Support 2: 22,077 (if price action forms)
- Resistance 1: 22,392 - 22,475 zone
- Resistance 2: 22,561
Trading Scenarios:
1. Gap Up Opening Above 22,400
- Expectation: Potential resistance and rangebound trading.
- Trading Zone: 22,392 - 22,475
- Upside Target: Breakout above 22,475 - Target: 22,561
- Downside Target: Break below 22,380 with former support (22,392-22,400) turning into resistance - Target: 22,274
- Short Entry: Not recommended until confirmation of rejection at resistance zone.
2. Flat Opening
- Expectation: Potential test of resistance zone followed by sideways movement.
- Price Action: Watch for price movement within 22,392 - 22,475.
- Long Entry: Consider buying above 22,475 with target of 22,561.
- Short Entry: Consider shorting below 22,370 with stop-loss at 22,400 for a target of 22,274 - 22,200.
3. Gap Down Opening Below 22,300
- Scenario A: Quick Regain of 22,274
- Expectation: Potential short-term bounce followed by reassessment.
- Entry: Consider buying near 22,274 if price finds support and quickly recovers above 22,335.
- Target: 22,475
- Scenario B: Sustained Price Below 22,270
- Expectation: Downward move.
- Fresh Buying: Not recommended until price breaks above resistance zone (22,392 - 22,475).
- Upside Targets (if price recovers above resistance zone): Target 1: 22,561
Disclaimer: This is for informational purposes only and should not be considered financial advice. Please consult a qualified financial advisor before making any investment decisions.
Key Levels:
- Support 1: 22,274
- Support 2: 22,077 (if price action forms)
- Resistance 1: 22,392 - 22,475 zone
- Resistance 2: 22,561
Trading Scenarios:
1. Gap Up Opening Above 22,400
- Expectation: Potential resistance and rangebound trading.
- Trading Zone: 22,392 - 22,475
- Upside Target: Breakout above 22,475 - Target: 22,561
- Downside Target: Break below 22,380 with former support (22,392-22,400) turning into resistance - Target: 22,274
- Short Entry: Not recommended until confirmation of rejection at resistance zone.
2. Flat Opening
- Expectation: Potential test of resistance zone followed by sideways movement.
- Price Action: Watch for price movement within 22,392 - 22,475.
- Long Entry: Consider buying above 22,475 with target of 22,561.
- Short Entry: Consider shorting below 22,370 with stop-loss at 22,400 for a target of 22,274 - 22,200.
3. Gap Down Opening Below 22,300
- Scenario A: Quick Regain of 22,274
- Expectation: Potential short-term bounce followed by reassessment.
- Entry: Consider buying near 22,274 if price finds support and quickly recovers above 22,335.
- Target: 22,475
- Scenario B: Sustained Price Below 22,270
- Expectation: Downward move.
- Fresh Buying: Not recommended until price breaks above resistance zone (22,392 - 22,475).
- Upside Targets (if price recovers above resistance zone): Target 1: 22,561
Disclaimer: This is for informational purposes only and should not be considered financial advice. Please consult a qualified financial advisor before making any investment decisions.