NIFTY Intraday Trade Setup For 31 Jan 2024
NIFTY Intraday Trade Setup For 31 Jan 2024
Bullish-Above 21820
Invalid-Below 21770
T- 22058
Bearish-Below 21470
Invalid-Above 21520
T- 21300 21120
NIFTY has closed on a bearish note today with 1% cut today. It opened almost flat and faced resistance at our buy level and corrected till 21475. One anticipation was shared about a pullback through half bat pattern was plotted which somehow pulled it. Since we are close to a big event so intraday moves can be random and big so avoid trading this week or just reduce your position size. If it opens a bit flat then 21475 may act as a good support as per 50% healthy retracement. Incase it breaks then we will head towards 21120 eventually which is a strong hourly support.
Coming to Wednesday's trade setup, if index opens flat and a 15 Min candle closes above 21820 then we will long for the target of 22058.
For selling we need a 15 Min candle close below 21470. T- 21300 and 21120.
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.
Bullish-Above 21820
Invalid-Below 21770
T- 22058
Bearish-Below 21470
Invalid-Above 21520
T- 21300 21120
NIFTY has closed on a bearish note today with 1% cut today. It opened almost flat and faced resistance at our buy level and corrected till 21475. One anticipation was shared about a pullback through half bat pattern was plotted which somehow pulled it. Since we are close to a big event so intraday moves can be random and big so avoid trading this week or just reduce your position size. If it opens a bit flat then 21475 may act as a good support as per 50% healthy retracement. Incase it breaks then we will head towards 21120 eventually which is a strong hourly support.
Coming to Wednesday's trade setup, if index opens flat and a 15 Min candle closes above 21820 then we will long for the target of 22058.
For selling we need a 15 Min candle close below 21470. T- 21300 and 21120.
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.
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.