Nifty Structure Analysis & Trade Plan: 6th October

Detailed Market Structure Breakdown

4-Hour Chart (Macro Trend)

Structure: The Nifty is now in a confirmed bullish bounce phase. The decisive move on Wednesday (Oct 1st) and the follow-through on Friday (Oct 3rd) have broken the steep descending channel shown in your charts. The market is now trading within a clear ascending channel, and the recent low at 24,600 looks like a significant bottom for the correction.

Key Levels:

Major Supply (Resistance): 25,000 - 25,150. This area is the next significant hurdle, aligning with the psychological 25,000 mark and prior consolidation/supply zones.

Major Demand (Support): 24,750 - 24,800. This area, which includes a FVG (Fair Value Gap) and the lower trendline of the new ascending channel, is the key support.

Outlook: The medium-term bias has shifted to cautiously bullish. The strategy is firmly "Buy on Dips" as long as the price holds above 24,700.

1-Hour Chart (Intermediate View)

Structure: The 1H chart shows an unmistakable Break of Structure (BOS) on the upside. The price has established a pattern of higher highs and higher lows and is confidently moving within the new ascending channel.

Key Levels:

Immediate Resistance: 24,950 (The high of Friday's consolidation).

Immediate Support: 24,800 (Lower boundary of the new ascending channel).

15-Minute Chart (Intraday View)

Structure: The 15M chart shows a clean continuation of the bullish momentum. After breaking out of the descending channel, the index consolidated beautifully in a tight flag pattern and moved higher. The market closed near its high, indicating strong control by the bulls.

Key Levels:

Intraday Supply: 24,950.

Intraday Demand: 24,850 - 24,800.

Outlook: Strongly Bullish.

📈 Trade Plan (Monday, 6th October)

Market Outlook: The Nifty is in a strong bounce phase with a clear bullish structure. The primary strategy will be to buy on dips or buy on continuation.

Bullish Scenario (Primary Plan)

Justification: The market structure is bullish on all timeframes, supported by the RBI catalyst and follow-through buying. The momentum favors a break of 25,000.

Entry: Long entry on a decisive break and 15-minute candle close above 24,950. Alternatively, look for a dip entry near 24,800 (the channel and FVG support zone).

Stop Loss (SL): Place a stop loss below 24,750 (below the key support and rising trendline).

Targets:

T1: 25,050 (Psychological resistance).

T2: 25,150 (Major supply zone).

T3: 25,250 (Extension target).

Bearish Scenario (Counter-Trend Plan)

Justification: This high-risk, counter-trend plan only becomes valid if the rally fails dramatically.

Trigger: A decisive break and 1-hour candle close below 24,700.

Entry: Short entry below 24,700.

Stop Loss (SL): Above 24,850 (above the rising trendline).

Targets:

T1: 24,600 (Recent swing low).

T2: 24,400 (Deeper demand zone).

Key Levels for Observation:

Immediate Decision Point: 24,900 - 25,000 zone.

Bullish Confirmation: A break and sustained move above 25,000.

Bearish Warning: A break below 24,750 suggests a failure of the bounce.

Line in the Sand: 24,700. Below this level, the short-term bias shifts back to neutral-to-bearish.