Nifty Important levels and trade plan for Friday, 07.10.22

On daily time frame Nifty is currently in a correction of an uptrend. So, for tomorrow, opening will play a major role in the direction of Nifty in coming days. If tomorrow Nifty opens flat or slightly gap down then we may expect the continuation of this correction phase. Here in 15-minute time frame, the range between 17378 and 17308 will be our no trade zone for tomorrow. Will go for bearish trade, after Nifty crossing the bottom of first five mute candle if opens flat or slight gap down. Initial target will be 17152 and form this level we may expect a reversal. Our second target will be 16981, but possibility of Nifty reaching that point will be very low. We will enter into bullish trade after forming a price action in 15-minute time frame, and crossing the top of no trade zone, in case of flat or slight gap down or slight gap up opening. Will wait for forming a proper price action before entering into a trade in case of a huge gap up or gap down opening. 17472 and 17559 will be the levels of concern in case of upside move.
*All support and resistance plotted are based on PDH / PDL . For any reversal after breaking PDH / PDL , support and resistance levels will be different*
**Time of plotting the levels and planning 6th October, 10:30 PM**
***Personal opinion, not a trading advice***
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