NIFTY Intraday Trade Setup For 07 Dec 2023

NSE:NIFTY   Nifty 50 Index
NIFTY Intraday Trade Setup For 07 Dec 2023

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

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

One more green gain added in our bullish favor. NIFTY has closed with 0.4% gain today all contributed through gap up. As per 10 o'clock range breakout it gave a small move of 35 points in the downside below 20887. It has been said that we will trail our long (from 19880) with PDL as TSL. If a daily candle closes below PDL then below that red candle's low we will exit longs completely. 20970 and 20850 are important levels for tomorrow. 21020 will be an important resistance in case of gap up.

Coming to Thursday'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.

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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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