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NIFTY Intraday Trade Setup For 8 Aug 2024NIFTY Intraday Trade Setup For 8 Aug 2024 Bullish-Above 24390 Invalid-Below 24340 T- 24650 Bearish-Below 24180 Invalid-Above 24230 T- 23900 NIFTY has closed on a positive note with 1.27% gain today. However whole gain is the same points it gaped up. It was sideways within 150 points range in intraday. Today's low is very important as the daily candle is a Pinbar and a double force move can be seen below 24180. In case it opens flat and 24390 is sustained then we will head towards 0.618 zone of the fall we witnessed in last few days. Coming to Thursday's trade setup, if index opens flat and a 15 Min candle closes above 24390 then we will long for the target of 24650. For selling we need a 15 Min candle close below 24180. T- 23900. 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.
NSE:NIFTY
by Omahto
#Nifty directions and levels for August 7th.Good morning, friends 🌞 Here are the directions and levels for August 7th. Market Overview The global market has been in a minor range, and our local market has a moderate bearish sentiment. Today, the market may open with a gap-up, indicated by a 200-point positive start in GIFTNIFTY. Both Nifty and BankNifty share the same range market sentiment. Let's take a closer look: Even though the previous session opened with a gap-up, it didn’t sustain, and both Nifty and BankNifty maintained their bearish bias. Today also the market may open with a minimum of 150 points positive. What about today? If this happens structurally, it could turn into a range market. Range market movements are usually difficult to predict. However, my expectation is that if the market opens with a gap-up, the 24,292 level will act as immediate resistance. If the market consolidates around there, we can expect a pullback continuation if it breaks this level, with targets expected at 24,364 up to the Fibonacci level of 61%. This is our first variation. Alternatively, if the gap-up doesn’t sustain, it may consolidate within the previous day's range. In this variation, a correction is anticipated only if it falls below the previous low.
NSE:NIFTY
by Manickamtraders
1
Nifty Intraday Support & Resistance Levels for 07.08.2024On Tuesday, Nifty opened gap up, entered the 15m Supply zone mentioned in the last post, and then fell 400 points from the top before closing at 23992.50. The weekly trend (50 SMA) is positive, and the daily trend (50 SMA) is now sideways. Support Levels: Major Demand/Support Zone (Daily): 23350 - 23667 Resistance Levels: Near Supply/Resistance Zone (30m): 24266 - 24348 Far Supply/Resistance Zone (30m): 24686 - 24745 Far Supply/Resistance Zone (75m): 24754 - 24835 Note: As of writing this, GIFTNIFTY is trading 280 points positive, indicating we might see a gap-up opening, and the near 30m Supply zone may get violated.
NSE:NIFTY
by PriteshPal
NIFTY Intraday Trade Setup For 7 Aug 2024NIFTY 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. ========== 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.
NSE:NIFTY
by Omahto
Nifty Intraday Levels | 6-AUG-2024#Optionbuyers #Niftyoptionscalping 1️⃣ Zones you always Like:- 👉Green zone- Institutional support 👉Red zone - Institutional resistance 👉Gap between institutional zones is always of 100 points 👉Zone is created with the help of pivot points and Fibonacci 👉Advance version of price action 👉Trades based on Nifty future chart 2️⃣ Trade Execution:- 👉Trade based on order flow data 👉Timeframe - 1 min and 5 min 👉Risk Reward Ratio always 1:2 👉Strike price always ATM & slightly ITM 👉Maintain Position sizing according to your own method 3️⃣ House Rules in trading:- 👉Sharp at 9:15 AM 👉Priority to risk management 👉Fast execution (morning breakfast) 👉Stop-loss 10 points (strictly) #ThankU For Checking Out Our IDEA , We Hope U Liked IT 📌 🙏FOLLOW for more ! 👍LIKE if useful ! ✍️COMMENT Below your view !
NSE:NIFTY1!
by ReviveTraders
#Nifty directions and levels for August 6th.Good morning, friends 🌞 Here are the directions and levels for August 6th. Market Overview The global market experienced a pullback, but sentiment remains bearish, and our local market also has the bearish sentiment. Today, the market may open with a gap-up, indicated by a 150-point positive start in GIFTNIFTY. Both Nifty and BankNifty are reflecting the same sentiment. Let's take a closer look: 1.Basic Structure: Nifty and BankNifty both fell drastically in the previous session. Whenever the market takes a sharp movement, it will take some consolidation afterward. How will it work in today's session? We can look at that. > As per the structure, there is no more pullback in this minor swing. So if the gap-up doesn’t sustain or if the initial market declines, we can expect minor consolidation between the previous low to 38% Fibonacci level to the upside. After that, if it breaks yesterday's low, then the correction will likely continue to the level of 23801. This is our basic structure. 2.Alternate View: The alternate view is similar to the consolidation, but this time we wouldn't expect a correction. Instead, we can expect pullback continuation if it breaks the 38% Fibonacci level to the upside again. If it happens, we can expect the pullback target to the level of 50%. Once if it rejects there, then we can expect correction. Simply, it's also a range market variation. 3.Price Action Scenario: The third scenario is taken from the price action. If the initial market takes a solid pullback and closes above the 38% Fibonacci level, then it may continue further to the level of 61% with minor consolidation. Do you want to realize if it is progressing in this variation? Just observe if it consolidates around the immediate resistance level or if it forms an inside bar, then it may continue the rally. These are my expectations for today. In my personal opinion, if the market enters consolidation, trading will become more challenging. If you choose to enter, reduce your position size. However, if you have a clear direction, you can trade more effectively.
NSE:NIFTY
by Manickamtraders
NIFTY Intraday Trade Setup For 6 Aug 2024NIFTY Intraday Trade Setup For 6 Aug 2024 Bullish-Above 24350 Invalid-Below 24300 T- 24700+ Bearish-Below 23890 Invalid-Above 23940 T- 23515 NIFTY has closed on a bold bearish note with 2.68% cut. We discussed in the weekend after 25K was tested that index has formed a short term top. It opened directly with a very big gap down and 10 o'clock range was to be used as per trade setup. Range broke downside below 24190 and gave a good move till 23895, 300 points gain with 100 points risk. Tomorrow below 23890 we will sell again and overall view will be sell on rise. 23500 zone will be a strong support. Coming to Tuesday's trade setup, if index opens flat and a 15 Min candle closes above 24350 then we will long for the target of 24350. 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.
NSE:NIFTY
by Omahto
#Nifty directions and levels for the August 2nd week.Good evening, friends! 🌺🍬 Here are the market directions for the second week of August: Global and Local Market Overview Last week, both global and local markets experienced significant volatility, closing with a negative candle. On the weekly chart, the market shows a moderately bullish trend, but the 1-hour chart suggests a bearish sentiment. For this week, I anticipate a moderately bearish trend. Let's delve into the details. Nifty: Current View: - Nifty has completed the 5 sub-waves within the 3rd wave extension. Following this, a three-wave corrective pattern is expected. - The declines over the past two days, along with negative global market closures on Friday, suggest a bearish start on Monday. - If the market opens negatively, the 50% Fibonacci retracement level should act as strong support. If support holds, a 38% pullback is likely. - This pullback could be the 2nd sub-wave of the correction. If the market rejects this pullback and breaks the previous low, the correction will likely continue, targeting levels around 24365 to 78%. Alternate View: The alternate variation is a bit more complicated, but I will try to explain it simply. - If the initial pullback breaks the 38% Fibonacci level in the minor swing, it could reach the 61% and 78% retracement levels. - Usually, the one and two formations are very difficult to predict in the Elliott Wave. - Because the 2nd wave targets allow 90% of the 1st wave. - So, I use a common Fibonacci method: whenever the market breaks the Fibonacci level of 38%, it most often reaches 61% to 78%. - After that pullback, if it sustains or breaks the fib level 78%, then it may continue the rally further to the level of 25143 to 25209 (extension variation). - Or if it faces rejection at either one of the resistance levels (61% or 78%), it could turn into a correction. - However, we could take additional confirmation for the reversal that if both the EMA 20 and the Fibonacci level of 38% in the minor swing break, we can expect a reversal.
NSE:NIFTY
by Manickamtraders
#Nifty directions and levels for August 5th.Good morning friends 🌞 Here are the directions and levels for August 5th. Market Overview Still the correction is continuing the Dow Jones chart, reflecting a bearish sentiment. Our local market also shares this sentiment. Therefore, today might see a significant gap down at the opening, as indicated by a 250-point negative start in GIFTNIFTY. There is still a tug-of-war between the Nifty and Bank Nifty charts. According to the wave structure, Nifty has a correctional structure, while Bank Nifty has a range-bound structure. >How does this affect the Nifty chart? It's just sentiment. If, during the correction, Bank Nifty supports it, then the correction would continue effectively. On the other hand, if it tries to maintain the range market, then it would take a pullback. If this happens, Nifty might undergo consolidation or possibly a pullback, because the banking sector has the major weightage in Nifty. However, I share the same direction for the Nifty and Bank Nifty charts. that, If the gap-down sustains (consolidates) or breaks the immediate support level with a solid candle, then the correction will likely continue further. This is our basic structure. Why Do I Mention the Pullback Levels of 23% and 38%? In this scenario, if the market takes a solid pullback in the initial phase, it could reach those levels. Usually, the trending market could take a maximum 23% to 38% pullback of the minor swing. but it won't sustain. If it rejects there, then the trend will continue once it breaks the previous bottom. That's why I mention those levels. What Should We Do If It Breaks the 38% Fibonacci Level? Whenever the trending market takes a pullback of more than 38%, the momentum will reduce a little bit. If this happens, we can expect some consolidation into a range market. and The range market targets are expected to be a minimum of 50%, 61%, and 78%. If you are an options buyer, the premium might not increase in this sentiment, so trade carefully.
NSE:NIFTY
by Manickamtraders
1
NIFTY TRADING LEVELS FOR 05/08/24Explanation: This is a very useful trading system. This means that you should not take a trade blindly, but rather that there is another confirmation to take the trade you can use this for perfect entry and perfect exit This trading opportunity is based on volume, previous price, and price range , are included Entry/Exit point's: - It has very easy entry and exit points - In this pair of lines with two colors are given (RED AND BLUE) - In this the blue line is used to take long entry and the red line is used to take short entry (But it is all based on a more conformation from your trading plan) Stop Loss/Take Profit: Stop Loss - According to this, if you take a long trade, its stop loss will be the red line just below ( A trade can exit either when the price crosses the red line or the 5 minute candlestick crosses the red line. (This can be done according to your preference) ) - A short entry should use the opposite rules to a long entry Take Profit -When you take a long entry according to the profit to be booked is on the next red line above. ( Or if there are other reasons, it can be a safe exit ) - Opposite rules for booking profit on long entry are to book profit on short trade. ( The blue line above is the stop loss of short entry ) Timeframe: According to this, the time frame you should use while taking trades is 5 minutes time frames . (5 minute time frame works well in this) Risk Disclaimer: Trading carries significant risk and is not suitable for all traders. You may lose some or all of your capital in a matter of minutes or hours. Market conditions can change rapidly, and prices can move against you quickly. You may not always be able to exit at a favorable price, and you may be required to hold a position overnight, exposing yourself to additional risk. Day trading involves high risk, high leverage, and high stakes, and you should only trade with funds you can afford to lose. Please carefully consider your financial situation, risk tolerance, and trading objectives before engaging in day trading. Engagement: Share your insights, ask questions, and learn from others in the community. Whether you're a seasoned pro or just starting out, we're all in this together. What's your take on the current market conditions? Which trading strategies are working for you? Let's discuss and help each other grow as traders! Comment below and let's get the conversation started! Original Content: This trading setup is the result of my own innovation and expertise, and is not based on any publicly available information or third-party systems. It is a reflection of my dedication to developing a competitive edge in the markets.
NSE:NIFTY
by tony_fx_sm
1
Nifty Intraday Support & Resistance Levels for 05.08.2024On Friday, Nifty opened gap down, took support at the 15m demand zone mentioned in the previous post, and bounced up more than 100 points before closing at 24717.70 (293 points negative). The weekly trend (50 SMA) is overbought, and the daily trend (50 SMA) is positive. Support Levels: Near Demand/Support Zone (30m): 24624 - 24657 Major Demand/Support Zone (125m): 24296 - 24426 Resistance Levels: Near Supply/Resistance Zone (125m): 24956 - 25031
NSE:NIFTY
by PriteshPal
#Nifty directions and levels for August 1stGood morning, friends! 🌺🍬 Here are the market directions for August 1st: Global and Local Market Overview In the previous session, the US market experienced a solid pullback, suggesting a moderately bullish bias. Our local market is also maintaining a moderately bullish trend. Today, the market may open with a neutral to slightly positive start, as GiftNifty is indicating a 40-point positive move. In the previous session, both Nifty and BankNifty were in a range-bound market, but their structures differ. Let's take a closer look: Nifty Previously, we discussed that Nifty is in sub-wave 4. If it breaks the consolidation, we could expect the 5th impulse wave. This may happen in today’s session due to the gap-up start indicated by GiftNifty. If the market opens above the previous high, we can expect a move to a minimum of 25029 to 25067. We have already discussed this sentiment in the previous session. If the breakout has a solid formation, the rally will continue. On the other hand, if it does not, it will turn into a correction. Today, we will follow the sentiment with a slight revision. that's Current view: >If the gap-up sustains and breaks or consolidates around the resistance level (25029-25067), the rally will likely continue. >On the other hand, If it doesn’t sustain, it will either form an ending diagonal or continue the correction if it breaks the channel. >The difference between the diagonal and channel breakout is that a diagonal indicates the bullish bias will continue with minor pullbacks, while a channel breakout suggests a clear reversal. Alternate view: The alternate scenario is similar to the diagonal pattern. If the gap-up doesn’t sustain, we can expect an initial correction of 38-78%. After that, if it finds support at either the channel bottom or the 78% Fibonacci level, the bullish bias will continue. Simply put, it’s a range market. If it breaks the 78% Fibonacci level, the correction will likely continue.
NSE:NIFTY
by Manickamtraders
1
Nifty Intraday Support & Resistance Levels for 01.08.2024On Wednesday, Nifty made its third failed attempt to cross the 25000 mark but closed higher at 24951.15. The weekly trend (50 SMA) remains overbought, and the daily trend (50 SMA) is positive. The support and resistance levels remain the same as mentioned in the last post: Support Levels: Near Demand/Support Zone (15m): 24711 - 24734 Near Demand/Support Zone (30m): 24624 - 24657 Major Demand/Support Zone (125m): 24296 - 24426 Resistance Levels: Near Supply/Resistance Zone (15m): 24974 - 25000 (tested yesterday)
NSE:NIFTY
by PriteshPal
#Nifty directions and levels for July 31st.Good morning, friends! 🌺🍬 Here are the market directions for July 31st: Global and Local Market Overview The global market is indicating a moderately bearish trend (based on the Dow Jones), while our local market indicates a moderately bullish trend. Today, the market may open with a neutral to slightly positive start because GiftNifty is indicating a 20-point positive move. Still, the Nifty and BankNifty are maintaining a difference. Let's look at that. Nifty: In the previous session, Nifty had a pullback, but by the end of the day, it closed like a range market. As per the wave, it's in the 4th wave, which is a consolidation wave. If the market opens neutral, the range market will likely continue until it breaks the previous high. There are two variations for the upside breakout, considering it could be the 5th wave. Current View: If the market breaks with a solid pullback or solid candle formation, the 5th wave may extend, reaching a minimum of 25067 to 25143. If the market doesn't have much volume or if it breaks the previous high with some rejection, we can expect a maximum of 25029 to 25067. Once the 5th wave completes, we can expect a correction. However, we should seek additional confirmation for the reversal. Use the Fibonacci retracement in the minor swing: if it breaks 38%, that's a sign of a minor reversal. Alternate View: The alternate view also considers a range market structure. If the market declines initially, it may take support around the Fibonacci level of 38%. If it finds support there, the range market will likely continue. The correction will occur only if it breaks the 38% level. If this happens, we can expect the next target to be 24646 to the Fibonacci level of 50%.
NSE:NIFTY
by Manickamtraders
2
Nifty Intraday Support & Resistance Levels for 31.07.2024On Tuesday, Nifty made a high of 24971.75, just short of the 15m supply zone mentioned in the last post, and fell during the last 30 minutes of trading, closing at 24857.30. The weekly trend (50 SMA) is overbought, and the daily trend (50 SMA) remains positive. The support and resistance levels remain the same as mentioned in the last post: Support Levels: Near Demand/Support Zone (15m): 24711 - 24734 Near Demand/Support Zone (30m): 24624 - 24657 Major Demand/Support Zone (125m): 24296 - 24426 Resistance Levels: Near Supply/Resistance Zone (15m): 24974 - 25000
NSE:NIFTY
by PriteshPal