NIFTY Intraday Trade Setup For 6 May 2024
Sell_1- From 22650
Invalid-Above 22700
T- 22500
Sell_2- Below 22340
Invalid-Above 22390
T- 22110 21886
NIFTY has closed on a bearish note last week as Friday it ended on a bearish note and closed the week near lows. Last week we discussed that index broad range is 22800 and 21700 and still this weekly range is intact. BTW index has formed a shooting star in weekly TF so below 22340 index may slip. Index will give a 90 degree upmove above 22800 if sustained in daily TF. There is a fair chance of gap up on Monday in that case 22650 will act as resistance.
Coming to Monday's trade setup, if index opens flat and a 15 Min candle closes below 22340 then we will short. T- 22110 and 21885.
In case of a gap up we will short from 22650. T- 22500.
In case of a big gap up/down, wait till 10 o'clock and mark the high and low of the trading range (5MIN). Trade on this range breakout.
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I am Not SEBI Registered
This is my personal analysis for my personal trading. Kindly consult your financial advisor before taking any actions based on this.
Sell_1- From 22650
Invalid-Above 22700
T- 22500
Sell_2- Below 22340
Invalid-Above 22390
T- 22110 21886
NIFTY has closed on a bearish note last week as Friday it ended on a bearish note and closed the week near lows. Last week we discussed that index broad range is 22800 and 21700 and still this weekly range is intact. BTW index has formed a shooting star in weekly TF so below 22340 index may slip. Index will give a 90 degree upmove above 22800 if sustained in daily TF. There is a fair chance of gap up on Monday in that case 22650 will act as resistance.
Coming to Monday's trade setup, if index opens flat and a 15 Min candle closes below 22340 then we will short. T- 22110 and 21885.
In case of a gap up we will short from 22650. T- 22500.
In case of a big gap up/down, wait till 10 o'clock and mark the high and low of the trading range (5MIN). Trade on this range breakout.
==========
I am Not SEBI Registered
This is my personal analysis for my personal trading. Kindly consult your financial advisor before taking any actions based on this.
