Nifty 50 Technical Analysis for Tomorrow

2 Okt 2023

Nifty 50 Technical Analysis for October 03, 2023

Market Trend: Bullish

Support Levels: 19638, 19501

Resistance Levels: 19733, 19800

Key Highlights:

Nifty 50 is in a bullish trend and has been making higher highs and higher lows.

The market is likely to go upside on Tuesday, October 03, 2023, as indicated by the following:

Price Action: If the market opens gap-up and breaks the 19733 level, then a buying side entry may be possible.

Support and Resistance Levels: The 19638 and 19501 levels are strong support levels, while the 19733 and 19800 levels are strong resistance levels.

Trading Strategy:

Go Long: If the market opens gap-up and breaks the 19733 level, then we can go long on the upside.

Stop Loss: Place a stop loss below the 19638 level.

Target: Target a profit of 1-2% on your trade.

Example:

Entry: Buy Nifty 50 at 19750

Stop Loss: 19630

Target: 19850

Risk Management:

It is important to practice risk management when trading. Never risk more than 1-2% of your capital on any single trade.

Disclaimer:

This is just a sample trading strategy. There is no guarantee that it will be successful. Please do your own research and consult with a financial advisor before making any trading decisions.

Additional Notes:

If the market opens gap-up and retests the 19733 level, then we can wait for a confirmation candle before entering a long position.

If the market breaks the 19500 level, then a fall may be possible. In this case, we should exit our long positions and book our profits.

We can also use a trailing stop-loss to protect our profits. If the market moves in our favor, we can trail our stop-loss higher.

Please note that this is just a sample analysis and trading strategy. It is important to do your own research and consult with a financial advisor before making any trading decisions.