Nifty Trading Strategy for 5th November 2024

Nifty Trading Strategy: Buy Above 24,110 / Sell Below 24,900

Current Price: 23,996.00

Key Levels:

Buy Signal: If the price closes above 24,110 on the one-hour candle, it indicates a potential upward trend, suggesting a good time to consider buying.

Sell Signal: If the price closes below 24,900 on the one-hour candle, it suggests a potential downward trend, indicating it might be a good time to consider selling.

Market Analysis:

The current price is hovering around 23,996.00, just below the buy signal level.

It's important to monitor the price closely, especially around the 24,200 to 24,250 levels, which could act as resistance.

Recommendations:

Buy: If the price sustains above 24,110 on the one-hour candle close, consider entering long positions with targets at 24,300 and 24,500.

Sell: If the price breaks below 24,900 on the one-hour candle close, consider short positions with targets at 24,700 and 24,600.

Disclaimer: I am not SEBI registered. This is only for educational purposes. You may do your own analysis before taking any trading decisions.