Nifty 50 trading strategy for 30th December

Nifty 50 has gained 60 points from the previous close but closed flat with respect to the open. Nifty has not respected the 23869 level but also was not able to sustain above that. According to our trading plan, we wanted the price to test the 23869 level and form a support and then break it. Price went up straight up by more than 170 points but no support formation happened and hence no entry was possible. Had the level being tested with formation of swings that confirm the support, the breakdown of the support could have been traded.

Nifty 50 15 minute chart for 27th December

27th December trading plan

Let's see what is the trading strategy for Nifty 50 on 30th December.

Long Trading Strategy for 30th December.

Scenario #1: The first case for long is when price opens gap up and then come close to today's close and then bounce back above 23950. We want the prices to continuously trade above 9 EMA and 20 EMA. In the second half, if there is a rejection from the moving averages then the price might go till 24065.

Scenario #2: Prices open gap down and tests either 23650 or 23539. After the levels are tested the prices jump above 23650 and starts trading above 9 EMA. The logical targets for this would be 23869.

Nifty 50 long trading strategy for 30th December

Short Trading Strategy for 30th December.

Scenario #1: When the prices open gap up and after a long rally up to 24065, break the support to the downside. This has to be intraday support. The support should be confirmed with the swing formation. This setup has to occur before 12:30 pm. The targets can be up to 23869.

Scenario #2: The price open flat or slight gap down and after testing today's close or the level of 23869, break the intraday support to the down side. The target can be up to 23650.

Nifty 50 short trading strategy for 30th December

Nifty has been trading sideways for last few days. Although, the prices did close more than 60 points up from the previous close the market is still sideways. There is a high liquidity above 24000 and we might see sharp move downward if the level is tested. The market is not bullish at all and there should not be any any aggressive positions on any side.