NIFTY Intraday Trade Setup For 16 Oct 2023 || Daily Analysis
NIFTY Intraday Trade Setup For 16 Oct 2023
Bullish-Above 19810
Invalid-Below 19760
T- 19910 20030
Bearish-Below 19725
Invalid-Above 19775
T- 19635 19530
NIFTY has closed on a slight bullish note with 0.5% gain last week. 19850 is the hourly resistance, breakout will initiate another long leg of rally while we picked it from 19500 last week with 0.5% retracement. Important hourly levels to be watched for breakout are 19850 in the upside and 19630 in the downside. 19420 and 20030 are important support and resistance. High probability trade looks in the upside on Friday's closing basis.
Coming to Monday's trade setup, if index opens flat and a 15 min candle closes above 19810 then we will long for the target of 19910 and 20030.
For selling we need a 15 Min candle close below 19725. T- 19635 and 19530.
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.
Bullish-Above 19810
Invalid-Below 19760
T- 19910 20030
Bearish-Below 19725
Invalid-Above 19775
T- 19635 19530
NIFTY has closed on a slight bullish note with 0.5% gain last week. 19850 is the hourly resistance, breakout will initiate another long leg of rally while we picked it from 19500 last week with 0.5% retracement. Important hourly levels to be watched for breakout are 19850 in the upside and 19630 in the downside. 19420 and 20030 are important support and resistance. High probability trade looks in the upside on Friday's closing basis.
Coming to Monday's trade setup, if index opens flat and a 15 min candle closes above 19810 then we will long for the target of 19910 and 20030.
For selling we need a 15 Min candle close below 19725. T- 19635 and 19530.
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.
