Tag Archives: Nifty Resistance Levels

Nifty50 Analysis – 01Mar2024

Nifty50 index has moved up with good momentum, as shown by the CCI indicator. The momentum was consistently weak and falling for last several days, and therefore, all green days earlier were suitable only for buying cheaper Put options rather than taking new long positions. Today’s upmove in momentum in the daily chart was already visible in the 3-5 hour charts yesterday. However its very difficult to predict the exact size of the upmove.  Nifty moved up by 356 points today, which is one of the largest single days moves of the last 3 years. It also came on the first day of the new F&O series and first day of new month/March. Upside of 22,500 – 22,600 are visible as the main targets ahead.

Key Nifty Support Level is 22K, so Traders can stay long above 22K for targets of 22,500 and 22,600.  Major Nifty resistance levels can come around 22,700.  Therefore, Nifty Call Option Trading Strategy should be to keep trading with Nifty 22,500 Call of 7 March and 14 March expiry.