NIFTY Intraday Trade Setup For 17 Jan 2024
Bullish-Above 22130
Invalid-Below 22080
T- 22275 22460
Bearish-Below 21960
Invalid-Above 22010
T- 21840 21700
NIFTY has closed on a slight bearish note 0.29% cut today. It has formed a spinning top candle which indicates indecisiveness. It can result into a reversal too if it breaks today's low- 21960 and in case the immediate next daily candle closes in red then possibility of a reversal is high, small or big we do not know. Index is in the last leg of rally BTW and a top can be formed in 22500 zone (+/-100). Tomorrow 22130 and 21960 are important levels.
Coming to Wednesday's trade setup, if index opens flat and a 15 Min candle closes above 22130 then we will long for the target of 22275 and 22460.
For selling we need a 15 Min candle close below 21960. T- 21840 and 21700.
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 22130
Invalid-Below 22080
T- 22275 22460
Bearish-Below 21960
Invalid-Above 22010
T- 21840 21700
NIFTY has closed on a slight bearish note 0.29% cut today. It has formed a spinning top candle which indicates indecisiveness. It can result into a reversal too if it breaks today's low- 21960 and in case the immediate next daily candle closes in red then possibility of a reversal is high, small or big we do not know. Index is in the last leg of rally BTW and a top can be formed in 22500 zone (+/-100). Tomorrow 22130 and 21960 are important levels.
Coming to Wednesday's trade setup, if index opens flat and a 15 Min candle closes above 22130 then we will long for the target of 22275 and 22460.
For selling we need a 15 Min candle close below 21960. T- 21840 and 21700.
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.
