Nifty analysis for tomorrow, Wednesday, 22nd February
Nifty analysis and probable important support and resistance levels for tomorrow, Wednesday, 22nd February
In daily time frame Nifty can be considered as in correction of an uptrend and if we see nifty in daily time frame, today it took support at fib .786 level form where it must take reversal to continue its uptrend, below which we may consider Nifty as bearish.
Now if we see Nifty in 75-minute time frame, which is in downtrend, today formed a consolidation zone, which possibly show a sign of pause in current trend. Again if we plot Bollinger band -20, 1.5, Nifty in 75 minute time frame is at the bottom of Bollinger band. Normally in most of the time Nifty takes reversal from top or bottom of BB, in case of no specific event.
For Wednesday, we will try to find mostly upside trade, based these data, and for bearish trades, will enter based on price action, but with limited quantity.
Now, if see Nifty in 15-minute time frame, we will consider the range between 17883 and 17810 as no trade zone, because of multiple minor support and resistances between these levels along with tomorrow’s CPR.
In case of flat opening, we may enter into bearish trade, after Nifty crossing bottom of no trade zone, in this case, 17759, 17723 and 17651 can be the target levels.
For any opening near 17810, we will plan a bearish trade directly, but in case of a gap down opening, near the support levels, we will wait for a price action to form, before entering into a trade.
Will initiate bullish trade, above 17883, after nifty crossing this level with a price action. In that case, 17927, 17969 and 18064 will be the resistance levels.
For tomorrow, possibility of huge gap up opening is low, hence will not consider that scenario.
If we see OI data, 17900, and 18000 levels looks good as resistance, with huge build up, and 17800 and 17500 as support with considerable OI.
*Strictly a personal opinion, not at all a trade advice*
In daily time frame Nifty can be considered as in correction of an uptrend and if we see nifty in daily time frame, today it took support at fib .786 level form where it must take reversal to continue its uptrend, below which we may consider Nifty as bearish.
Now if we see Nifty in 75-minute time frame, which is in downtrend, today formed a consolidation zone, which possibly show a sign of pause in current trend. Again if we plot Bollinger band -20, 1.5, Nifty in 75 minute time frame is at the bottom of Bollinger band. Normally in most of the time Nifty takes reversal from top or bottom of BB, in case of no specific event.
For Wednesday, we will try to find mostly upside trade, based these data, and for bearish trades, will enter based on price action, but with limited quantity.
Now, if see Nifty in 15-minute time frame, we will consider the range between 17883 and 17810 as no trade zone, because of multiple minor support and resistances between these levels along with tomorrow’s CPR.
In case of flat opening, we may enter into bearish trade, after Nifty crossing bottom of no trade zone, in this case, 17759, 17723 and 17651 can be the target levels.
For any opening near 17810, we will plan a bearish trade directly, but in case of a gap down opening, near the support levels, we will wait for a price action to form, before entering into a trade.
Will initiate bullish trade, above 17883, after nifty crossing this level with a price action. In that case, 17927, 17969 and 18064 will be the resistance levels.
For tomorrow, possibility of huge gap up opening is low, hence will not consider that scenario.
If we see OI data, 17900, and 18000 levels looks good as resistance, with huge build up, and 17800 and 17500 as support with considerable OI.
*Strictly a personal opinion, not at all a trade advice*
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