Nifty important levels and trade plan for tomorrow, Tuesday, 14t

13 мар. 2023 г.

Nifty in daily time frame is bearish, with RSI crossing below 40 level. And if we see in 75-minute time frame, RSI is near 25 level, here for coming days for us major trend will be bearish, but we may expect an upside pull back, in lower time frame, i.e. in 75 minute time frame, resulting an bullish move in 15 minute time frame.

We have marked important levels in the chart, based on Fibonacci. For tomorrow, 17324, 17211, 17441 and 17533 will the important resistance levels. In case of upside pull back, which will be the minor trend, we will avoid any bullish trade, and near these resistance levels may plan for downside trades.
In downside, 17078, 16950, 16800 will be the important support levels. In case of straight downward move after opening, we may expect reversal form any of those levels. However, in case of pullback in Nifty after breaking today’s low, the resistance levels may vary slightly.
Again, in case of downside move in Nifty after an initial pull back, those support levels may act as levels of pause but no reversal.

OI data is bearish, with Short Build-up in CE side, with 17500 being the level with highest OI, and with no considerable support present, other than 17000 level in PE side.

*Strictly a personal opinion, not at all a trade advice*