Scalping on Nifty Based on Support and Resistance Zones

NSE:NIFTY   Nifty 50 Index
Timeframe: Intraday (Today)

Index: Nifty

Support and Resistance Zones:

Support Zone: 19,303 - 19,272
Resistance Zone: 19,483 - 19,515

Entry Rules:

Buy Entry (Scalping from Support):

Monitor the Nifty for a potential bounce off the support zone around 19,303 - 19,272.
Look for bullish price action confirmation, such as a bullish candlestick pattern or a strong upward move.
Enter a long (buy) position as soon as you see clear confirmation of a bounce.
Set a tight stop loss just below the support zone, at around 19,250, to manage risk.

Sell Entry (Scalping from Resistance):

Observe the Nifty as it approaches the resistance zone around 19,483 - 19,515.
Wait for bearish price action confirmation, such as a bearish candlestick pattern or signs of rejection from the resistance level.
Enter a short (sell) position when you see clear confirmation of a potential reversal.
Set a tight stop loss just above the resistance zone, at around 19,530, to control risk.

Exit Rules:

Scalping aims to capture small price movements, so consider taking quick profits as soon as you see a small favorable price fluctuation.
Take profits when you've achieved a small profit margin or when you notice signs of a reversal.
If the trade moves significantly against your position, exit promptly to limit potential losses.

Risk Management:

Scalping involves frequent trading, so use proper risk management techniques.
Only risk a small portion of your trading capital on each scalping trade.
Stay vigilant and be prepared to exit if the trade doesn't move in your favor.

Important Notes:

Scalping involves rapid trading and may lead to higher transaction costs due to frequent executions. Be aware of brokerage fees and spreads when scalping.
Stay updated with economic news and events that may impact the Nifty, as these can quickly change market sentiment.
Be cautious when trading around support and resistance levels, as false breakouts can occur.

This scalping strategy is designed for short-term traders and requires a solid understanding of support and resistance levels, candlestick patterns, and effective risk management. Scalping may not be suitable for all traders, and individual trading preferences and risk tolerance should be taken into account. Always trade responsibly and within your means.

The following trading idea is provided for informational purposes only and should not be considered as financial or investment advice. Trading stocks and other financial instruments involves risk, and there are no guarantees of profit. Before implementing any trading strategy, it is essential to conduct thorough research and analysis, and consider your individual financial situation and risk tolerance.


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