Nifty important levels and trade plan for , Tuesday, 21st March
17125 and 16827 will be the most important levels for Nifty for tomorrow, being the threshold levels in both the directions. Above 17125, we may consider formation of a double bottom in Nifty in daily time frame which is signal of possible bullishness, and below 16827, it is trend continuation in down side. So any formation of bearish price action up to 17125 we will plan for sell trades, and above 17125, we will plan for bullish trades, at the same time 17060 can also be considered as good resistance. Above 17125, 17212 and 17323 will act as major resistance.
In between the levels 17125 and 16827, there will be some other support levels, but same can be plotted depending on the price action only.
Below 16827, 16748 and 16585 will be the important support levels, with possible intermediate support levels, which again will depend on price action only.
However OI data looks bearish, with short build-up in call side, and long in put.
*Strictly a personal opinion, not at all a trade advice*
In between the levels 17125 and 16827, there will be some other support levels, but same can be plotted depending on the price action only.
Below 16827, 16748 and 16585 will be the important support levels, with possible intermediate support levels, which again will depend on price action only.
However OI data looks bearish, with short build-up in call side, and long in put.
*Strictly a personal opinion, not at all a trade advice*
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