18 Oct 2024 - Nifty Predictions (Next Trading Day)

17 Okt

1. Index Chart and Time Frames
Index: Nifty 50
Date: October 17, 2024
Time Frames:
Weekly (1W)
Daily (1D)
5-Minute (5M)
Monthly (1M)

2. Support and Resistance Levels
Support Levels:
Weekly Support: Approximately 24,500 (recent low)
Daily Support: Approximately 24,700 (recent low)

Resistance Levels:
Weekly Resistance: Approximately 25,000 (recent high)
Daily Resistance: Approximately 25,075 (recent high)

3. Market Scenario for Next Trading Day
Market Opening Likely to open flat or with a slight gap down based on recent price action.
Expected Trend Bearish to range-bound, starting with a slight gap down and then potentially stabilizing.

4. Options Strategies for Next Trading Day
Effective Strategies:
Bear Put Spread: Buy a put option at 24,700 and sell a put option at 24,600.
Straddle: Buy both a call and a put at 24,750 to capitalize on potential volatility.

5a. Calendar Spread Strategy
Idle Strikes for Calendar Spread:
Daily: 24,750
Weekly: 24,700
Monthly: 24,500

5b. Daily, Weekly, and Monthly Trends
Daily Bearish 24,700 (Support), 25,075 (Resistance)
Weekly Bearish 24,500 (Support), 25,000 (Resistance)
Monthly Bullish 24,500 (Support), 26,000 (Resistance)

6. Trading Recommendations for ATM, ITM, OTM
ATM Trade During market hours
ITM Trade During market hours
OTM Don't Trade Avoid unless volatility is expected
Note Better Not to Trade If market shows strong bearish signals or low volatility

Summary
The market is expected to open slightly down and may remain bearish or range-bound throughout the day.
Focus on bear put spreads and straddles for options strategies.
Monitor key support and resistance levels closely for potential reversals or breakouts.
This analysis is based solely on the provided charts and does not account for external market factors. Always consider your risk management strategies when trading.

Disclaimer: Do Manage your Risk and Money management, Do not Forget to PUT STOP LOSS.