Nifty important levels and trade plan for Wednesday, 1st March

Nifty important levels and trade plan for tomorrow, Wednesday, 1st March

In daily and 75-minute time frame nifty continues its downtrend today.

We have marked probable important support and resistance for tomorrow, in 15 minute time frame. Between 17350 and 17299 will be the no trade zone for tomorrow, in case of flat opening, we may go for bullish trade after Nifty crossing 17350. 17400, 17441 and 17490 may be the resistance levels for tomorrow.

Below 17299, after Nifty forming a price action, we may go for a bearish trade. 17252, 17199, 17160, 17108 can be the support levels. Up to 17252, we will go with limited quantity, but beyond this level we may go with full quantity.

For upside, reversal can be expected from 17400 and 17441. So, in case of gap up opening, or a bearish price action, near those levels, we may plan sell trades.

OI data looks bearish today. With huge OI build up at 17400, 17500 and 17600 levels, with some amount of build up at 17000 level in PE side, which may act as support.

*Strictly a personal opinion, not at all a trade advice*