manavtechresearch

NIFTY TRADE SETUP FOR THE DAY

Long
NSE:NIFTY   Nifty 50 Index
-INDEX HAS MANAGED TO CROSS OVER 11240
-WHICH INDICATES THE MARKET HAS BROKEN OUT OF A 3-DAY INSIDE BAR TRADING RANGE
-LAST TIME THIS EVENT HAPPEN WAS AT 9160 MARKET TRADING INSIDE A RANGE OF 9160-8820 AND AT 10755-10560
-BOTH THE TIME AFTER A BREAKOUT MARKET RALLIED FOR ATLEST 500 POINTS
-11247 WAS A CRUCIAL LEVEL FOR THE INDEX IN FUTURES MARKET AND WE CONQUERED THAT
-TARGET OF 11340-11410 HAVE BECOME LIVE NOW
-A CROSS ABOVE THAT WILL ALLOW INDEX TO TEST 11500
-MARKET IS GETTING INTO OVERBROUGHT POSTIONS IN SMALLER TIME-FRAME
-PLEASE NOTE THE TRADITIONAL WAY OF LOOKING AT RSI DOES NOT WORK I HAVE EXPLAINED ABOVE ALREADY ON WEEKLY SETUP
-INTERESTING OBSERVATION DURING THIS PREVIOUS WEEK WAS INDEX IS TRADING INDEX THE BAR OF 22ND JULY
-INDICATING SOONER OR LATER WE WILL HAVE A INSIDE BAR BREAKOUT
-FINALLY IT DID BREAKOUT
-OPEN INTEREST SETUP INDICATES BIGGER MOVE IN NIFTY FOR JULY EXPIRY
-ONLY THING IS BANKNIFTY SHOULD PROVIDE SUPPORT FOR THE INDEX
-CRUCIAL SUPPORT PLACED AT 11240
-CRUCIAL RESISTANCE IS PLACED AT 11400


NIFTY RESISTANCE FOR THE DAY
11342-11410-11525
NIFTY SUPPORT FOR THE DAY
11240-11125-11035


!!PLEASE NOTE THE ABOVE INFORMATION IS FOR KNOWLEDGE ONLY!!
!!TRADE ACCORDING TO YOUR RISK PROFILE!!
!!SUGGEST OPTION TRADES TO NAVIGATE VOLATILITY!!
!!HAPPY TRADING!!
Trade closed: target reached
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