Nifty Important levels and trading plan for Wednesday, 29.06.22
Nifty weekly on retracement mode- 15991 and 16447 (blue lines) will the resistance levels on weekly basis and in daily time frame it is bullish now
Important resistances- zone from 15884 to 15930, 15991, 16095, 16200, 16404 and 16447
Important Support- 15796, 15708, 15654, 15484
Between 15796 and 15884 no trading zone for buyers
For any opening in no trading zone, we will enter into bullish trade when it crosses 15884, with or without price action, and will enter into bearish trade when nifty crosses 15796 with a price action.
For huge gap up or gap down opening need to wait for price action to complete before entering into any trade.
16000 has highest OI followed by 16500 in CE side, which are the resistance levels for Nfty in weekly time frame. So, breaching of these two levels will be difficult in this week. 15500 has highest PE OI followed by 15800 and 15750. So, if nifty breaks these two levels, then we may see a huge downfall
CPR will be comparatively narrow for tomorrow.
*All support and resistance plotted are based on PDH/PDL. For any reversal after breaking PDH/PDL, support and resistance levels will be different**
**Personal opinion, not a trading advice**
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