Nifty - Intraday 09-08-2021

NSE:NIFTY   Nifty 50 Index
🔰Educational Purpose
Date - 09-08-2021
Open flat on Friday but not abled to Breach any upper or lower level what we discussed in Last educational session.
Formed higher Low which is little bit positive for Nifty , as per discussed in last session RSI is also major hurdel at 72 level.
Nifty formed Bearish flag in 15min which indicates some downside on intraday basis only.

🔰 Intraday View:-

Flat Opening(near closing)
-If nifty opens Flat Risky traders can buy Put immediately with strict SL 16290 (5 min candle closing) for tgt 30-50 points.
-For safe traders can wait for clear direction which is 5 min closing below 16220 leads nifty towards 16180 16130
-Because of bearish flag and Breakdown retesting structure we choose only 5min closing below 16220 level.
-Upside need 16290 closing for 16320 16350

Gap up - above 16285
any dip towards 16220-16230 is buying opportunity check for reversal signals on candle pattern,
and as per psychology the fear of bearish flag will vanish out due to gap up scenario.

Gap down-
If nifty opens below 16220 level then we will see some further downside till 16180 16130

-Put strict SL loss
-Positional view is Upside till we are sustaing above 15950-16000 level.


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