Nifty Important levels and trading plan for Tuesday 19.07.22
Nifty is bullish now, and we may expect upward moves in Nifty in coming days. For tomorrow, a range between 16207 to 16293 will be the no trading zone for directional traders.
For any opening in this range, Nifty crossing either side with a price action, we will enter into bullish or bearish trade. 16408, 16494 and 16590 will be the resistance levels and 16108, 16003 and 15926 will be the support. Since Nifty is in bullish trend, so we need to be careful for any reversal in bearish trade, as it will be against the major trend. Again, below 16003, we may consider Nifty to be bearish in daily tine frame. But at the same time monthly CPR is there from 15849 to 15988, so this range will act as heavy support for Nifty in daily time frame. Again, we have to consider the gap that has been created from today’s opening also.
One more important point to consider is, narrow weekly CPR which means we may expect a volatile move in Nifty throughout this week.
For an opening above 16293, after one green candle we may enter into a bullish sculping trade but we need to keep an eye on the resistances.
An opening near 16408, with one negative candle we will enter into bearish trade. In this case, resistance levels will be treated as support.
For gap down opening below 16207, we will wait for price action and depending on price action only we will enter into a trade.
16000 has huge OI in PE side, and at the same level we have monthly CPR, so for Nifty it will not be essay to cross this level by this expiry. And for CE side 16600 has the highest OI, followed by 16500 and 16400, so will have to be careful for those levels also.
*All support and resistance plotted are based on PDH/PDL. For any reversal after breaking PDH/PDL, support and resistance levels will be different*
**Time of plotting the levels and planning 18th July 6:20 PM**
***Personal opinion, not a trading advice***
#NIFTY50
For any opening in this range, Nifty crossing either side with a price action, we will enter into bullish or bearish trade. 16408, 16494 and 16590 will be the resistance levels and 16108, 16003 and 15926 will be the support. Since Nifty is in bullish trend, so we need to be careful for any reversal in bearish trade, as it will be against the major trend. Again, below 16003, we may consider Nifty to be bearish in daily tine frame. But at the same time monthly CPR is there from 15849 to 15988, so this range will act as heavy support for Nifty in daily time frame. Again, we have to consider the gap that has been created from today’s opening also.
One more important point to consider is, narrow weekly CPR which means we may expect a volatile move in Nifty throughout this week.
For an opening above 16293, after one green candle we may enter into a bullish sculping trade but we need to keep an eye on the resistances.
An opening near 16408, with one negative candle we will enter into bearish trade. In this case, resistance levels will be treated as support.
For gap down opening below 16207, we will wait for price action and depending on price action only we will enter into a trade.
16000 has huge OI in PE side, and at the same level we have monthly CPR, so for Nifty it will not be essay to cross this level by this expiry. And for CE side 16600 has the highest OI, followed by 16500 and 16400, so will have to be careful for those levels also.
*All support and resistance plotted are based on PDH/PDL. For any reversal after breaking PDH/PDL, support and resistance levels will be different*
**Time of plotting the levels and planning 18th July 6:20 PM**
***Personal opinion, not a trading advice***
#NIFTY50
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