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.
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.