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NIFTY Intraday Trade Setup For 29 May 2024

Nifty 50 Index (NSE:NIFTY)  
Omahto  
NSE:NIFTY   Nifty 50 Index
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NIFTY Intraday Trade Setup For 29 May 2024

Bullish-Above 23000
Invalid-Below 22950
T- 23230

Bearish-Below 22850
Invalid-Above 22900
T- 22630

NIFTY has closed on a bearish note with 0.19% cut today. Index traded inside yesterday's range and did not trigger any trade. In the weekend we discussed that after ATH breakout, chance of a small pullback or consolidation is high which seems to be in action. Now 23110 will be trigger for a strong bullish impulse. If short triggers below 22850 then we will be alert near 22745 as it can act as a CIP support.

Coming to Wednesday's trade setup, if index opens flat and a 15 Min candle closes above 23000 then we will long for the target of 23200+.

For selling we need a 15 Min candle close below 22850. T- 22630.

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.

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