Nifty 50 trading strategy for 9th January
Nifty 50 has closed almost flat at 18 points down from the previous close. The market appeared bearish in the first half and then bounced back in the second half. The price action did show respect to the level of 23537. Our long setup was not possible as the setup occurred around 1:45 PM. As discussed, we want our setups to occur before 12:30 PM. Any delay from this point will make it difficult to reach the target. So again today was a no trading day. The prices have been able to hold the position today amid the GDP forecast numbers. Still it does not mean that prices are bullish. The prices need to trade above 24300 before a confirmed bullishness will be there in the market.
I am keeping the levels same as yesterday.
Important levels for Nifty 50
Level 1: 24792
Level 2: 24302
Level 3: 23911
Level 4: 23539
Level 5: 23260
Nifty 50 long trading strategy for 9th January
Scenario 1:Price open either flat or slight gap up and then first move down below last day close and then recovers above the 23760 level. 23760 is an intermediate level from where price has be pushed down multiple times. We need some good liquidity sweeping pattern near 23760. The target can be till 23911.
Scenario 2: Prices open gap down and then comes near 23537 and then gets rejected to the upwards. The price should be above the last selling swing and above the 9 EMA. The target can be till 23760 and then 23911.
Nifty 50 short trading strategy for 9th January
Scenario 1: Price open gap up and then move up near 23911 and then gets rejected downwards and then trade below the last buying swing low. The price gets rejected from 9 EMA . The target is a little subjective here. The price can move till 23760 and if the price crosses this level then it can go till 23600.
Scenario 2: This is the most bearish setup. The price opens gap down and first move up near last day close and then gets rejected downwards and then test 23537 multiple times. The target can be till 23300 if the level 23537 gets broken before 12:30 PM.
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