NIFTY Intraday Trade Setup For 08 Dec 2023

NSE:NIFTY   Nifty 50 Index
NIFTY Intraday Trade Setup For 08 Dec 2023

Bullish-Above 20970
Invalid-Below 20920
T- 21090 21235

Bearish-Below 20850
Invalid-Above 20900
T- 20684 20558

NIFTY has closed on a slight bearish note with 0.17% cut today. Nothing triggered as per trade setup just like BANKNIFTY yesterday. 10 o'clock range was intact whole day. Till now our TSL in long (from 19880) is intact. If a daily candle closes below PDL and that red candle's low is breached we will exit longs completely and there will be change in sentiment in that case. It has formed a range in 15 Min TF, 20970 and 20850 are important levels for a range shift.

Coming to Friday's trade setup, if index opens flat and a 15 Min candle closes above 20970 then we will long for the target of 21090 and 21235.

For selling we need a 15 Min candle close below 20850. T- 20684 and 20558.

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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