Nifty important levels and trade plan for tomorrow, 29th May

29 мая 2023 г.

Nifty important levels and trade plan for tomorrow, Tuesday, 29th May

Nifty Major Trend- Bullish
No Trade zone- between 18639 and 18577
Support Levels - 18533, 18469, 18420 and 18366
Resistance Levels- 18700 and 18782
Key Point- Narrow CPR for tomorrow, can expect a trending market
Trade Plan- Will initiate a bearish trade after Nifty crossing 18577 in case of opening between the no trade zone with CPR as stop loss. For gap down opening below the no trade zone will wait for a proper price action to form and then will take trade accordingly.
In case of flat opening, will wait for formation of a price action, before or after crossing the top of no trade zone, with considering CPR as stop loss. We may consider the possibility of reversal from both the resistance levels, hence in case of gap up opening, we may plan accordingly near those levels.
In bottom direction, reversal is probably possible from 18649 level, in case of gap down opening, or any positive price action near this level we may plan a bullish trade.

*Personal opinion, not a trade advice*
**Support and resistance levels are plotted based on Fibonacci**