04Nov2024 - NIFTY Predictions (Next Trading Day)

3 Kas

1. Which Index Chart is there, date, and Time Frames?
Index: Nifty 50 Index
Date: November 03, 2024
Time Frames:
Daily (1D)
Weekly (1W)
Monthly (1M)
15-Minute (15M)

2. What support and resistance levels are expected for the next trading day?
From the analysis of the daily and weekly charts:
Support Levels:
Daily: 24,200.00
Weekly: 24,134.90

Resistance Levels:
Daily: 24,368.25
Weekly: 24,498.20

3. What will be the scenario for the next trading day?
Based on observed trends, price changes, and levels of support/resistance, here's a probable scenarios for market conditions:
Market Gap Slight Gap Up
Opening Expected to open above the previous close of 24,304.35
Overall Market Direction Bullish
Additional Comments Likely to test the resistance level at 24,368.25; could be range-bound if not breached

4. As an options buyer, which strategies or strikes would be most effective?
For the upcoming trading day, consider the following strikes based on the analysis of resistance and support levels:

Target Strike Price: Near 24,350 (closer to resistance)
Suggested Strategies:
Buy Call Options: 24,300 and 24,350 Strikes
Sell Put Options: 24,200 as a hedge

5a. Calendar Spread Strategy
For Calendar Spreads:
Ideal Strikes:
Daily options: 24,300 (Near ATM)
Weekly options: 24,200 (Near ITM)
Monthly options: 24,300 (Near ATM)

5b. Daily, Weekly, and Monthly Trends

Daily Bullish
Weekly Bullish
Monthly Bullish

6. Is it Quick Profitable to Trade in ATM, ITM, or OTM?
Here's a suggestion based on the current analysis:
ATM Trade Open to close on Nov 03
ITM Trade Open to before reaching resistance
OTM Don't Trade Avoid during high volatility

Additional Consideration
Avoid Trading on High Volatility Days to minimize risk, especially if nearing resistance levels that may trigger reversals.

Disclaimer: Do Manage your Risk and Money management, Do not Forget to PUT STOP LOSS.