NIFTY Intraday Trade Setup For 01 Feb 2024
Bullish-Above 21840
Invalid-Above 21790
T- 22050 22260
Bearish-Below 21650
Invalid-Above 21700
T- 21390 21120
NIFTY has closed almost on a flat note today with minor cut of 0.13% today. It was funny seeing NIFTY being complete sideways in such big event. It was a great option sellers day. Post 12 it was very stable, VIX crashed nearly 10%. Now 21850 and 21440 are hourly levels for the next trigger of move any side. Above 21850 there can be good short covering move. Tomorrow below 21650 sellers may start to take charge before 21440.
Coming to Friday's trade setup, if index opens flat and a 15 Min candle closes above 21840 then we will long for the target of 22050 and 22260.
For selling we need a 15 Min candle close below 21650. T- 21390 and 21120.
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 21840
Invalid-Above 21790
T- 22050 22260
Bearish-Below 21650
Invalid-Above 21700
T- 21390 21120
NIFTY has closed almost on a flat note today with minor cut of 0.13% today. It was funny seeing NIFTY being complete sideways in such big event. It was a great option sellers day. Post 12 it was very stable, VIX crashed nearly 10%. Now 21850 and 21440 are hourly levels for the next trigger of move any side. Above 21850 there can be good short covering move. Tomorrow below 21650 sellers may start to take charge before 21440.
Coming to Friday's trade setup, if index opens flat and a 15 Min candle closes above 21840 then we will long for the target of 22050 and 22260.
For selling we need a 15 Min candle close below 21650. T- 21390 and 21120.
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.
