Nifty's Structure For September series
Hello everyone, hope you're safe and doing good.
Today I'm going to share my analysis on Nifty Futures based on price action + Dynamic trend lines, for the coming days in the september series.
Hope it helps in your decision making while trading!
As on Sep 17th 2022, here are the observations, and let's listen to what the market is trying to say:
1. Nifty formed a strong bearish candle (almost a Marubozu candle) on the day chart and confirming the the strong volume candles. It is back into the long term channel which is coming from Oct '2021.
2. It broke the midway of the temporary bullish channel drawn based on the jun-aug 2022 rally in the index. Any break below this is a strong confirmation
that bears are officially back in the market.
3. The price on Sep 16th 2022, closed below the 20 Day EMA and also the 200 Hourly EMA, which are significant moving averages for intraday players.
(Tip: Priority of Moving averages. Weekly >> Daily > Hourly > 15min > 5min. Very important for an intraday option players. Especially option buyers.)
4. The levels of support for nifty Futures is as Follows:
1. 17509, first level of Support.
2. 17430 - 17439, second level of support.
3. 17390, 3rd level of support. Very key support.
4. 17308 - 17336, 4th level of support. Very strong support zone, as it's based on D-chart price action + 50 Day EMA is in that zone.
5. As we all know, volume and price action plays a very important parameters in intraday trading, please bear in mind that
the same above mentioned levels can act as support - when volumes on 5min chart are low; or as a breakdown trades - when volumes exceed 200k on 5min charts.
6. Please check the intraday open interest, US DOW Futures, the India VIX and other parameters, before entering a trade on the above mentioned levels.
As I'm an option scalper, all these levels would be very helpful for scalping.
Stay safe, maintain a calm and composed mindset, follow your discipline and please protect your capital while trading.
Today I'm going to share my analysis on Nifty Futures based on price action + Dynamic trend lines, for the coming days in the september series.
Hope it helps in your decision making while trading!
As on Sep 17th 2022, here are the observations, and let's listen to what the market is trying to say:
1. Nifty formed a strong bearish candle (almost a Marubozu candle) on the day chart and confirming the the strong volume candles. It is back into the long term channel which is coming from Oct '2021.
2. It broke the midway of the temporary bullish channel drawn based on the jun-aug 2022 rally in the index. Any break below this is a strong confirmation
that bears are officially back in the market.
3. The price on Sep 16th 2022, closed below the 20 Day EMA and also the 200 Hourly EMA, which are significant moving averages for intraday players.
(Tip: Priority of Moving averages. Weekly >> Daily > Hourly > 15min > 5min. Very important for an intraday option players. Especially option buyers.)
4. The levels of support for nifty Futures is as Follows:
1. 17509, first level of Support.
2. 17430 - 17439, second level of support.
3. 17390, 3rd level of support. Very key support.
4. 17308 - 17336, 4th level of support. Very strong support zone, as it's based on D-chart price action + 50 Day EMA is in that zone.
5. As we all know, volume and price action plays a very important parameters in intraday trading, please bear in mind that
the same above mentioned levels can act as support - when volumes on 5min chart are low; or as a breakdown trades - when volumes exceed 200k on 5min charts.
6. Please check the intraday open interest, US DOW Futures, the India VIX and other parameters, before entering a trade on the above mentioned levels.
As I'm an option scalper, all these levels would be very helpful for scalping.
Stay safe, maintain a calm and composed mindset, follow your discipline and please protect your capital while trading.
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