Nifty Spot Actionable Idea - September 2, 2023

2 sept. 2023

Current Price (CMP): 19423

Resistance: 19452

Support: 19386

Upside Targets: 19511 and 19584 (after a break of Resistance)

Downside Targets: 19327 and 19289 (after a break of Support)

Execution: Only execute trades after a clear break and close above or below the Resistance or Support levels on a 15-minute candlestick chart.

Stop Loss: Place stop-loss orders above or below the Resistance or Support levels on a 15-minute candlestick chart.
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Overview:

Welcome to this Nifty Spot actionable idea for September 2, 2023. In this analysis, we will explore the current price, key resistance, and support levels, along with potential upside and downside targets. Please note that this analysis is for educational purposes only and should not be considered financial advice. Always do your research and consult with a financial advisor before making any trading decisions.

Current Price (CMP):

As of the specified date, the Nifty Spot is trading at 19423.

Resistance:

The immediate resistance level for Nifty Spot is identified at 19452.

Support:

On the downside, there is solid support at 19386.

Upside Targets:

In the event of a breakout above the resistance level of 19452, we can set our sights on two potential upside targets: 19511 and 19584.

Downside Targets:

Conversely, if the support level at 19386 is breached, we should be prepared for two downside targets: 19327 and 19289.

Execution Strategy:

It's crucial to exercise caution and execute trades only when there is a clear breakout and close above or below the resistance or support levels, as indicated on a 15-minute candlestick chart. This approach helps confirm the strength of the market move and reduces the risk of false breakouts.

Stop Loss Strategy:

To manage risk effectively, it's advisable to place stop-loss orders above or below the respective resistance or support levels on a 15-minute candlestick chart. This way, you can limit potential losses in case the market moves against your trade.

Disclaimer:

Please remember that this trading idea is provided solely for educational purposes and is not intended as financial advice. Trading carries risks, and it's important to conduct your own research and consult with a financial advisor before making any trading decisions. Always trade responsibly and consider your risk tolerance.