Nifty for Tomorrow - 31st December 2021

 



On 30th December 2021 nifty 50 index opening 17201.45 and closed at 17203.95 the high is 17264.05 and low is 17146.35.

30th December 2021 ie., Today post market analysis: (monthly expiry)

Yesterday nifty closed at 17213.6 and today opened at 17201.45 gapdown of almost 12 points with this  gap actually opened at the CPR with a narrow CPR so trend should be sideways beginning of the session bulls tried to push to highs of 17243.2. Just one green candle crossed the level and could not sustain the highs and came down. 

There was a chance to earn just below initial balance of 10 points during first 30 mins. Reveresing from 78.6% on FIB for two days.

Weekly nifty trend - On weekly chart nifty just tagged 8 EMA(17295.63) but the candle made a high of 17285.95 and reversed its the same as yesterday

Daily nifty trend - Daily trend is below slow EMA however it touched the EMA and reversed to form a doji kind of a candle but above slow EMA same as yesterday

Hourly nifty trend - Sideways trend for two days no proper direction to trade 

Following are the important levels that I have found to be relevant for tomorrows trading setup;

levels 17263 is an important resistance and 17145.5 is an important support along with 17205 CP

Based on analysis tomorrow will be a Trending due to narrow CPR  but depends on the location of opening

Nifty closing: 17203.95

Taking central pivot as a reference point 

A gapup will lead market to 17263 and above and a gapdown will tag 17145.5

Check Initial Balance and take trade accordingly Trading procedure

1. wait for one 15mins candle to form

2. Mark IB high and low buy above IB high and sell below IB low also check for EMA and Pivot charts for specific support and resistance

3. Check option chain to know support and resistance.

I am not a SEBI advisor this advice is not for trading its only my view and for you its only information for educational purposes only.

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