NIFTY Intraday Trade Setup For 8 Apr 2024
Bullish-Above 22620
Invalid-Below 22570
T- 22830
Bearish-below 22300
Invalid-Above 22350
T- 22090
NIFTY has closed on a neutral note with slight gain of 1.2% gain. However it has closed above 22500 after 6 attempts. The weekly candle is a neutral and indecisive candle, a spinning top. Above its high-22620 we will plan bullish view and below its low-22300 we will plan a bearish view. Probability of upmove seems high but will follow market to trigger. Index has created inside candle on Friday which indicates a potential compression in markets so between 22620 and 22300 we will avoid directional trade.
Coming to Monday's trade setup, if index opens flat and a 15 Min candle closes above 22620 then we will long for the target of 22830 and 23030.
For selling we need a 15 Min candle close below 22300. T- 22090.
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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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.
Bullish-Above 22620
Invalid-Below 22570
T- 22830
Bearish-below 22300
Invalid-Above 22350
T- 22090
NIFTY has closed on a neutral note with slight gain of 1.2% gain. However it has closed above 22500 after 6 attempts. The weekly candle is a neutral and indecisive candle, a spinning top. Above its high-22620 we will plan bullish view and below its low-22300 we will plan a bearish view. Probability of upmove seems high but will follow market to trigger. Index has created inside candle on Friday which indicates a potential compression in markets so between 22620 and 22300 we will avoid directional trade.
Coming to Monday's trade setup, if index opens flat and a 15 Min candle closes above 22620 then we will long for the target of 22830 and 23030.
For selling we need a 15 Min candle close below 22300. T- 22090.
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.
