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.
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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 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.
