Nifty 50 Trading Strategy for 3rd January
What a day in Nifty! Nifty was surely in a new year celebration mode. It appeared as if no level has the sufficient resistance to stop Nifty. Nifty has gained more than 445 points up. None of our setup happened and hence no entry was there. There was a slight pullback above 23911 but that was quickly recovered. None of the levels were effective in giving us a proper entry. The pullback breakout was too close to 24065, hence long entry was not possible. These days make you humble as a trader. You have to wait for the setup and let the market do whatever it want to do. Anyways, there was no loss today and only a no trade day for us.
Nifty 50 long Important levels.
Level 1: 24792
Level 2: 24302
Level 3: 23911
Level 4: 23539
Level 5: 23260
Long trading strategy for 3rd January in Nifty 50
Scenario #1: The price opens flat or gap up and then falls a little and then overcome the last major selling swing and then the prices closes above 24302. The target can be big but there is chance that prices can go sideways.
Scenario #2: The prices open gap down then goes below 23877 and then the last selling swing is overcome by the prices and then rejection from 9 EMA. The maximum target can be up to 24200.
Short trading strategy for 3rd January in Nifty 50
Scenario #1: Prices open gap up or flat and goes above 24302 and then fall below the last buying swing. The prices might come till 23911 but the buying momentum is high and the price might go sideways.
Scenario #2: This is a long unwinding scenario where prices open gap down near 23911 and then the prices go a little higher and then fall below the 23911 level. The target can be till 23600.
Nifty has shown immense bullishness today and it will be foolish to try to short blindly as any buying momentum is very strong and even if there is no follow up buying the prices might go sideways for next few days.
Comments