24 Oct 2024 - NIFTY Predictions (Next Trading day & WEEKEXPIRY)

1. Index Chart and Time Frames
Index: Nifty 50
Date: October 23, 2024
Time Frames:
Weekly (1W)
Daily (1D)
Monthly (1M)
5-Minute (5)

2. Support and Resistance Levels
Support Levels:
Daily: 24,378.10 (recent low)
Weekly: 24,435.50 (current closing)

Resistance Levels:
Daily: 24,604.25 (recent high)
Weekly: 25,000.00 (psychological level)

3. Market Scenario for Next Trading Day
Expected Opening Likely gap down due to recent bearish sentiment
Market Sentiment Bearish to range-bound
Timing Initial bearish, potential range-bound later

4. Options Strategies and Strikes
Recommended Strikes:
Bearish Strategy: Buy Put options at 24,400 strike.
Range-bound Strategy: Consider selling Call options at 24,600 and buying Put options at 24,400 for a strangle.

5a. Calendar Spread Strategy
Strikes for Calendar Spread:
Daily: Sell 24,600 Call, Buy 24,700 Call
Weekly: Sell 24,500 Put, Buy 24,600 Put
Monthly: Sell 24,400 Put, Buy 24,500 Put

5b. Daily, Weekly, and Monthly Trends
Daily Bearish Support: 24,378.10
Weekly Bearish Resistance: 25,000.00
Monthly Bullish (but recent pullback) Support: 24,000.00

6. Trading Recommendations for ATM, ITM, OTM
ATM Trade Early session
ITM Trade Mid-session
OTM Better Not to Trade All day

Summary
The market is expected to open with a gap down and may remain bearish initially. Focus on bearish strategies with specific strikes for options trading. Monitor support and resistance levels closely for potential adjustments in strategy.


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