NIFTY Intraday Trade Setup For 07 Feb 2024
Bullish-Above 21970
Invalid- Below 21920
T- 22150 22350
Bearish-Below 21720
Invalid-Above 21770
T- 21525 21315
NIFTY has closed on a bullish note with 0.72% gain today. Nothing triggered as per trade setup today. It has revered yesterday's sentiment and chances are high that there can be bear trap above 21970 tomorrow. We will exit the short trade initiated below 21800. Best trade will be above 21970 on a flat opening for a fresh ATH. 21700 is now the last hourly swing low below which bearish price structure will be initiated.
Coming to Wednesday's trade setup, if index opens flat and a 15 Min candle closes above 21970 then we will long for the target of 22150 and 22350.
For selling we need a 15 Min candle close below 21720. T- 21525 and 21315.
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 21970
Invalid- Below 21920
T- 22150 22350
Bearish-Below 21720
Invalid-Above 21770
T- 21525 21315
NIFTY has closed on a bullish note with 0.72% gain today. Nothing triggered as per trade setup today. It has revered yesterday's sentiment and chances are high that there can be bear trap above 21970 tomorrow. We will exit the short trade initiated below 21800. Best trade will be above 21970 on a flat opening for a fresh ATH. 21700 is now the last hourly swing low below which bearish price structure will be initiated.
Coming to Wednesday's trade setup, if index opens flat and a 15 Min candle closes above 21970 then we will long for the target of 22150 and 22350.
For selling we need a 15 Min candle close below 21720. T- 21525 and 21315.
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.
