NIFTY Intraday Trade Setup For 7 Aug 2024
NIFTY Intraday Trade Setup For 7 Aug 2024
Bullish- Above 24400
Invalid-Below 24350
T- 24736
Bearish-Below 23890
Invalid-Above 23940
T- 23515
NIFTY has closed once again on a bearish note with 0.26% cut today. It tested buy/resistance level and got rejected from there, decent sell of from 24380 was seen. Index has closed exactly at 50 EMA in daily TF. Below 23890 index will be fully gripped by bears. And overall sell on rise approach to be maintained. Major weekly level to be approached can be 22800. But for this we need more validation of a bearish price structure in daily TF.
Coming to Wednesday's trade setup, if index opens flat and a 15 Min candle closes above 24400 then we will long for the target of 24736.
For selling we need a 15 Min candle close below 23890. T- 23515.
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 24400
Invalid-Below 24350
T- 24736
Bearish-Below 23890
Invalid-Above 23940
T- 23515
NIFTY has closed once again on a bearish note with 0.26% cut today. It tested buy/resistance level and got rejected from there, decent sell of from 24380 was seen. Index has closed exactly at 50 EMA in daily TF. Below 23890 index will be fully gripped by bears. And overall sell on rise approach to be maintained. Major weekly level to be approached can be 22800. But for this we need more validation of a bearish price structure in daily TF.
Coming to Wednesday's trade setup, if index opens flat and a 15 Min candle closes above 24400 then we will long for the target of 24736.
For selling we need a 15 Min candle close below 23890. T- 23515.
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.
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