Nifty Key levels for day traders

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linkon7

Well-Known Member
#1
I am a nifty trader and there are certain key levels that needs to be monitored for market's reaction to those levels. Since a good majority of positional traders keep their SL based on these levels, we can take advantage of that.

This is going to be my log of such key levels for the next day.
 

linkon7

Well-Known Member
#2


4841 (61.8%) retracement from the bottom. This will be the be break out level on the upside for a tgt of previous monthly high of 4949.
4808 (50%) retracement is the control point above which bears will be on a back foot.
4733 (23.6%) retracement is where bulls will be on the back foot. Expect them to cover longs and brace themselves testing of low of the month 4667.
 

linkon7

Well-Known Member
#3


On a daily chart, range from 5303 to 4667, gives us
4817 (23.6%) this level has been acting as a very strong reaction level. for 5 days, it gave excellent support and now for the past 3 days its acting as the supply zone.
4910 (38%). This is the most critical level and bear are waiting for NF to retrace upto this level and then they'll step up the pedal. 38% retracement is always considered healthy retracement for a continuation of the prevailing trend.
 

linkon7

Well-Known Member
#5
Intraday...
we have been trading above the trend decider...
4841 did act as the supply zone...
4820..is 38% retracement...of day's range
4814 is 50% retracement
4807 is the breakdown level...
 

linkon7

Well-Known Member
#7
even 50% retracement got tested...
market still in pause mode...
 

linkon7

Well-Known Member
#8
will we follow the pattern of the past few days today also...

Make new higher high, show strength whole day and then after 2'00, give it all up and end the day in no man's land...
 

trader.trends

Well-Known Member
#10
Ah! Now that the majority is expecting a fall after 2, expect the Nifty to rise:). The saying is that the market does not work on consensus. But the glitch in that is sometimes the market works on consensus. We don't know which are those sometimes.
 
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