NIFTY Intraday Trade Setup For 20 Feb 2024
Bullish-Above 22200
Invalid-Below 22150
T- 22450 22700+
Bearish-Below 22020
Invalid-Above 22070
T- 21830 21635
NIFTY has closed on a record high today with 0.37% gain today. It has formed a spinning candle in daily TF which indicates indecisiveness. It can trigger both sentiment, above 22200 we would this spinning top candle as continuation of the ongoing bullish move. Below 22020 we will treat this as a reversal sign. Incase of breakout above 22200 we would test 22450-22465 and this can be a stiff resistance. One can plan a short trade with bearish reversal price structure in 5 Min TF.
Coming to Tuesday's trade setup, if index opens flat and a 15 Min candle closes above 22200 then we will long for the target of 22450 and 22725.
For selling we need a 15 in candle close below 22020. T- 21830 and 21630.
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.
Bullish-Above 22200
Invalid-Below 22150
T- 22450 22700+
Bearish-Below 22020
Invalid-Above 22070
T- 21830 21635
NIFTY has closed on a record high today with 0.37% gain today. It has formed a spinning candle in daily TF which indicates indecisiveness. It can trigger both sentiment, above 22200 we would this spinning top candle as continuation of the ongoing bullish move. Below 22020 we will treat this as a reversal sign. Incase of breakout above 22200 we would test 22450-22465 and this can be a stiff resistance. One can plan a short trade with bearish reversal price structure in 5 Min TF.
Coming to Tuesday's trade setup, if index opens flat and a 15 Min candle closes above 22200 then we will long for the target of 22450 and 22725.
For selling we need a 15 in candle close below 22020. T- 21830 and 21630.
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.
