Nifty 50 Technical Analysis For Tomorrow

10 paź 2023

**Nifty 50 Technical Analysis for Tomorrow (October 12, 2023)**:

**Support:** 19685/19612

**Resistance:** 19727/19805

**Technical Analysis:**

* Nifty 50 closed at 19707.25 on October 11, 2023, after forming a bullish engulfing pattern.
* The index is facing resistance at 19727 levels. If the index opens gap-up above this level tomorrow and sustains above it, then it can act as a support for the day.
* On the downside, 19612 is a strong support level. If the index breaks this level, then it can lead to further bearish momentum.

**Buying Zone:** 19685-19612

**Selling Zone:** 19727-19805

**Trading Strategy:**

* For the upside, traders can buy Nifty 50 if it opens gap-up above 19727 levels and sustains above it. The stop loss can be placed below 19685 levels. The target can be kept at 19805 levels.
* Traders can also buy Nifty 50 if it breaks the resistance level of 19805 levels. The stop loss can be placed below 19750 levels. The target can be kept at 19900 levels.

**Disclaimer:** This is just a technical analysis of Nifty 50. It is not a recommendation to buy or sell the index. Traders should always do their own research before taking any trading decisions.

**Additional Notes:**

* It is important to note that Nifty 50 is a volatile index. Traders should be cautious while trading in this index.
* Traders should also keep an eye on the global market cues, as they can have a significant impact on the Indian market.
* Traders should always use stop loss and risk management techniques while trading in any market.

**Improvements to the previous analysis:**

* I have added proper support and resistance levels for tomorrow.
* I have also added a buying zone and a selling zone.
* I have made the analysis more comprehensive by providing additional notes.