Gap Up Opening:
After consolidating near the retracement resistance at 22523 in the last session, a gap up opening above 22550, sustained, could propel prices to a new high. Anticipate a potential trading range between 22620 – 22660, with targets at 22713-22744. However, failure to hold above 22630 – 22660 and support at 22523 might signal a reversal towards 22402-22400.
Flat Opening:
A flat opening coupled with continued resistance at 22523 and subsequent decline could exhaust buyers, leading to a downside move towards 22402-22384. This level might offer a buying opportunity for a retracement towards 22600 in 2-3 trading sessions. A break below 22380 could escalate the downside towards 22273 – 22240, possibly enticing sellers to book profits and providing an entry for buyers.
Gap Down Opening:
In case of a gap down below 22450, consider buying opportunities near 22400 – 22380 for targets at 22550 – 22660. However, sustained trading below 22380 might prompt short trades targeting 22273-22240 with a stop loss at 22300. This level could serve as an attractive entry point for buyers targeting 22400 – 22500.
Conclusion:
NIFTY's trading plan for April 8, 2024, suggests potential bullish movements if opening above key resistance levels, with targets set at new highs. Conversely, failure to sustain above resistance levels could lead to corrective moves towards lower support levels. Traders should remain vigilant of key price levels and adjust positions accordingly.
Disclaimer: This 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.