NIFTY Intraday Trade Setup For 3 May 2024| Loksabha Trading View
NIFTY Intraday Trade Setup For 3 May 2024
Bullish-Above 22660
Invalid-Below 22600
T- 22120 23417
NIFTY has closed on a bearish note last week with 1.86% last cut. Since the coming week is very due to Loksabha election results. As per the exit polls market looks all set for a fresh ATH. Directional move will be seen on Monday in the upside and there can be IV crush on Tuesday and the next day also then again a rally is very much possible. So it looks safe to sell non-directional only after news is out i.e result day.
Coming to Monday's trade setup, if index opens flat and a 15 Min candle closes above 22660 then we will long for the target of 23120 and 23417.
Chances of a big gap up is high, so one can trade on 10 o'clock range breakout for a precise entry with risk calculated with previous swing after breakout.
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.
Bullish-Above 22660
Invalid-Below 22600
T- 22120 23417
NIFTY has closed on a bearish note last week with 1.86% last cut. Since the coming week is very due to Loksabha election results. As per the exit polls market looks all set for a fresh ATH. Directional move will be seen on Monday in the upside and there can be IV crush on Tuesday and the next day also then again a rally is very much possible. So it looks safe to sell non-directional only after news is out i.e result day.
Coming to Monday's trade setup, if index opens flat and a 15 Min candle closes above 22660 then we will long for the target of 23120 and 23417.
Chances of a big gap up is high, so one can trade on 10 o'clock range breakout for a precise entry with risk calculated with previous swing after breakout.
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.
