Simple Trade Setup | NIFTY | 09-08-2021

NSE:NIFTY   Nifty 50 Index

Simple Trade Level for NIFTY .

It has support Zone from 16175-16212.

Scenario 1
If it open between 16233-16275 then buy trade can be initiated above 16275 breakout only.
And For sell trade Better take it after breakdown of 16175 level.

Scenario 2
If it open Gap up above 16300 level then better to wait and let it take support from 16300 or 16275 or even lower at 16235 level.
And if it find the support then it will be an entry for quick buy trade towards uppar levels as target. Trade with SL.
If you are experience and aggresive trader, you can also take short trade from breakdown of 16275 level to next below target till 16235 or 16200.

Scenario 3
If it Open Gap down in support range 16175-16200 then wait for the 16233 level to breakout to take buy side trade, but if it faces resitance from 16233 then it will be a short trade entry from 16230.All the below levels will work as target.
But a safe Short side entry in this scenario will be break down of 16175 level.


Further, if you are experience and knows the price action then levels mentioned on the chart will work as support, resistance, entry and exit level for trade on either side w.r.t price action working near that level on that particular day.

Hope I made it easy to understand the trade setup for NIFTY .

Do comment your doubt or suggestion.


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.