NIFTY Intraday Trade Setup For 07 Aug 2023
Bullish-Above 19540
Invalid-Below 19490
T- 19640 19751
Bearish-Below 19450
Invalid-Above 19501
T- 19345 19250
NIFTY has closed on slight bearish note with 0.66% cut last week. Swing sell has been triggered below 19560 and last swing high is 19800 (sl). It gave almost 1:1 gain but projected target is near 18750 zone. If it sustains above our cost price then we will exit with NPNL and may plan our entry again. Above 19540 it can show bullish momentum in intraday only thing is that we have to be alert in trailing with 5 MIN swing lows and alert on reversal sign. Below 19450 it will have a good bearish stance.
Coming to Monday's trade setup, if index opens flat and a 15 Min candle closes above 19540 then we will long for the target of 19640 and 19751.
For selling we need a 15 Min candle close below 19450. T- 19345 and 19250.
In case of a big gap up/down, wait till 10 o'clock and mark the high and low of the trading range. Trade on this range breakout.
Bullish-Above 19540
Invalid-Below 19490
T- 19640 19751
Bearish-Below 19450
Invalid-Above 19501
T- 19345 19250
NIFTY has closed on slight bearish note with 0.66% cut last week. Swing sell has been triggered below 19560 and last swing high is 19800 (sl). It gave almost 1:1 gain but projected target is near 18750 zone. If it sustains above our cost price then we will exit with NPNL and may plan our entry again. Above 19540 it can show bullish momentum in intraday only thing is that we have to be alert in trailing with 5 MIN swing lows and alert on reversal sign. Below 19450 it will have a good bearish stance.
Coming to Monday's trade setup, if index opens flat and a 15 Min candle closes above 19540 then we will long for the target of 19640 and 19751.
For selling we need a 15 Min candle close below 19450. T- 19345 and 19250.
In case of a big gap up/down, wait till 10 o'clock and mark the high and low of the trading range. Trade on this range breakout.
