NIFTY Intraday Trade Setup For 14 May 2024
Bullish-Above 22150
Invalid-Below 22100
T- 22430
Bearish-Below 21820
Invalid-Above 21870
T- 21600
NIFTY has closed on a positive note with 0.22% gain today. Index respected the lower trendline of the channel being followed in daily TF. Index has formed a Pinbar candle which indicates a potential reversal in the short term. Tomorrow above 22140 there can good upside move and 61.8% retracement will be initiated. Important resistance lies near 22425-50.Bears will take a grip below 21930.
Coming to Tuesday's trade setup, if index opens flat and a 15 Min candle closes above 22150 then we will long for the target of 22425-50.
For selling we need a 15 Min candle close below 21800. T- 21600.
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 22150
Invalid-Below 22100
T- 22430
Bearish-Below 21820
Invalid-Above 21870
T- 21600
NIFTY has closed on a positive note with 0.22% gain today. Index respected the lower trendline of the channel being followed in daily TF. Index has formed a Pinbar candle which indicates a potential reversal in the short term. Tomorrow above 22140 there can good upside move and 61.8% retracement will be initiated. Important resistance lies near 22425-50.Bears will take a grip below 21930.
Coming to Tuesday's trade setup, if index opens flat and a 15 Min candle closes above 22150 then we will long for the target of 22425-50.
For selling we need a 15 Min candle close below 21800. T- 21600.
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.
