Important levels for 17/11/2022.
Another inside day with slightly better volumes as compared to last two sessions. The buying reference zone from last session from where the fast up move was seen got defended and we witnessed good buying from those levels. But we being unable to move past PDH @ 18488, still shows that sellers have not given up[ completely.
For tomorrow, we will still be wary of taking shorts unless we witness a major gap at the open. If we open high near the old seller reference zone 18521-18543, we can expect a sell off till today's VA @ 18445-18461. And if we continue seeing selling pressure we can expect to see today's low being tested followed by the buying reference zone 18347-18364.
If we open low and break today's low @ 18387, we can take a small scalp till 18347-18364. Sustaining below the weekly low @ 18319, we can see a big sell off and we can even test old buyer reference at 18176-18220. But if we open flat and trade lower please avoid shorts.
For longs, the best trade would be if we open with a small gap down around the buyer reference zone 18387-18404. This would be a good entry with SL of 15-20 points for targets of 18445-18461 followed by 18490 and final targets of the old seller reference zone at 18531-18543.
Overall we have to wait and see where we open tomorrow and plan trades accordingly. It can be a tricky expiry in Nifty.
Another inside day with slightly better volumes as compared to last two sessions. The buying reference zone from last session from where the fast up move was seen got defended and we witnessed good buying from those levels. But we being unable to move past PDH @ 18488, still shows that sellers have not given up[ completely.
For tomorrow, we will still be wary of taking shorts unless we witness a major gap at the open. If we open high near the old seller reference zone 18521-18543, we can expect a sell off till today's VA @ 18445-18461. And if we continue seeing selling pressure we can expect to see today's low being tested followed by the buying reference zone 18347-18364.
If we open low and break today's low @ 18387, we can take a small scalp till 18347-18364. Sustaining below the weekly low @ 18319, we can see a big sell off and we can even test old buyer reference at 18176-18220. But if we open flat and trade lower please avoid shorts.
For longs, the best trade would be if we open with a small gap down around the buyer reference zone 18387-18404. This would be a good entry with SL of 15-20 points for targets of 18445-18461 followed by 18490 and final targets of the old seller reference zone at 18531-18543.
Overall we have to wait and see where we open tomorrow and plan trades accordingly. It can be a tricky expiry in Nifty.