Nifty: Tuesday - 25/10/22

Levels:
Support: 17600, 17520, 17420
Resistance: 17675, 17795, 17950
OI Data:

• Highest OI Call in Nifty per OI data: 18000
  
• Highest OI Put in Nifty per OI data: 17500
  
• Nearest Major Resistance in Nifty per OI data: 17950
  
• Nearest Major Support in Nifty per OI data: 17550
  

Trade setup:


* For gapup, wait for V pattern (retest of 17780/17790). If sustains, Buy with a SL of 17750. Next major resistance only at 17950 level (both in chart and IO data).
* For flat open, watch 17720 level for at least ~10 mins (3 3m candles or 2 5m candles). If sustains above, go long with SL of 17700, target can be 17650/17675. If fails, go short with a SL of 17625, target of 17575/17550.
* If fails to sustain, short with a SL of 17750. Next support is 17670/17600 level.
* For gapdown: 17675 to be tested. Same logic .. if sustains above, long. If fails to sustain, go for short.