Nifty Daily Levels Update For Option Day Trading

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Nifty Price Action Trading Strategy with Option Chain Signals for Trading 05 May 2023


NIFTY SUPPORT LEVELS FOR TRADING
S1 - 18170-80
S2 - 18064 -71
S3 - 17940-50

NIFTY RESISTANCE LEVELS FOR TRADING
R1 - 18257-65
R2 - 18285 -300
R3 - 18445-55

Nifty Trend Signal From Open Interest Analysis
PCR ratio as per Option Chain Analysis 0.85 ( Bearish )
Max Pain As per Option Chain Analysis - 18200
Major Resistance as Per Nifty Open Interest Analysis- 18400
Major Support as Per Nifty Open Interest Analysis - 18150


Trading Plan for Nifty Call Side / Long Side -
Take Long Position / Buy CALL Above 18300
Stoploss - 15 min Candle Closes Below 18280

Trading Plan for Nifty PUT Side /Short Side
Take Short Position or Buy Put Below 18280
Stoploss - 15 min Candle Closes Below 18305