NIFTY Intraday Trade Setup For 16 Apr 2024

NSE:NIFTY   Nifty 50 Index
NIFTY Intraday Trade Setup For 16 Apr 2024

Bullish-Above 22430
Invalid-Below 22380
T- 22660

Bearish-Below 22250
Invalid- Above 22300
T- 22050

NIFTY has closed on a complete bearish note with 1.1% cut today. In the weekend we discussed that index has formed a short term top as it formed a 2nd leg shooting star in weekly TF. Only thing is that it opened directly below sell level- 22500 so fresh positions could not be opened as per the discussed entry and RR. So one need to wait incase it retest 22600 to 22550 zone for the swing short entry. Tomorrow best trade will be in short side on a flat opening.

Coming to Tuesday's trade setup, if index opens flat and a 15 Min candle closes above 22430 then we will long for the target of 22660.

For selling we need a 15 Min candle close below 22250. T- 22050 and 21825.

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.


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