Nifty 50 Indexלונג
So the correction is being done. What's next for Nifty?
Good morning everyone!
1st October 2024, Tuesday
The long-awaited correction has arrived, but the "buy on the dip" isn't clearly visible yet. So, what should one do? Here's an analogy: whether it's traffic or trading, you shouldn't be the first person to cross when the light turns green. Let one or two others go first, then proceed. Similarly, wait for confirmation in trading. Allow one or two strong green candles to form before going long on the index.
Remember to:
- Set your Stop Loss (SL) in the system.
- Do NOT chase any breakouts today.
- Do not initiate short positions either. Wait for the first hour's candle to decide whether to go long or short based on that candle.
NIFTY minor support is now at 25794. If we close below this, even on a 1-hour candle, we might see a further slide to 25566. However, since the overall trend remains bullish, focus on the resistance at 25877. An hourly close above this could trigger sharp short covering up to 26150.
BANKNIFTY has support placed at 52800-52777. It might face resistance at 53360. A break above this could lead to sharp short covering towards 53800.
CNXFINANCE support is now at 24333, with minor resistance at 24584. Exceeding this could lead to short covering up to 24873.
Sectors to watch today:
-
NIFTY_OIL_AND_GAS
-
CNXPHARMA
-CNXMETAL
That's all for today. Wishing you a profitable day ahead!
🔴 Disclaimer - Not a Buy/Sell Recommendation.
1st October 2024, Tuesday
The long-awaited correction has arrived, but the "buy on the dip" isn't clearly visible yet. So, what should one do? Here's an analogy: whether it's traffic or trading, you shouldn't be the first person to cross when the light turns green. Let one or two others go first, then proceed. Similarly, wait for confirmation in trading. Allow one or two strong green candles to form before going long on the index.
Remember to:
- Set your Stop Loss (SL) in the system.
- Do NOT chase any breakouts today.
- Do not initiate short positions either. Wait for the first hour's candle to decide whether to go long or short based on that candle.
NIFTY minor support is now at 25794. If we close below this, even on a 1-hour candle, we might see a further slide to 25566. However, since the overall trend remains bullish, focus on the resistance at 25877. An hourly close above this could trigger sharp short covering up to 26150.BANKNIFTY has support placed at 52800-52777. It might face resistance at 53360. A break above this could lead to sharp short covering towards 53800.CNXFINANCE support is now at 24333, with minor resistance at 24584. Exceeding this could lead to short covering up to 24873.Sectors to watch today:
-
NIFTY_OIL_AND_GAS -
CNXPHARMA-
CNXMETAL That's all for today. Wishing you a profitable day ahead!
🔴 Disclaimer - Not a Buy/Sell Recommendation.
פרסומים קשורים
כתב ויתור
המידע והפרסומים אינם אמורים להיות, ואינם מהווים, עצות פיננסיות, השקעות, מסחר או סוגים אחרים של עצות או המלצות שסופקו או מאושרים על ידי TradingView. קרא עוד בתנאים וההגבלות.
פרסומים קשורים
כתב ויתור
המידע והפרסומים אינם אמורים להיות, ואינם מהווים, עצות פיננסיות, השקעות, מסחר או סוגים אחרים של עצות או המלצות שסופקו או מאושרים על ידי TradingView. קרא עוד בתנאים וההגבלות.