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NIFTY Intraday Trade Setup For 29 May 2024NIFTY Intraday Trade Setup For 29 May 2024 Bullish-Above 23000 Invalid-Below 22950 T- 23230 Bearish-Below 22850 Invalid-Above 22900 T- 22630 NIFTY has closed on a bearish note with 0.19% cut today. Index traded inside yesterday's range and did not trigger any trade. In the weekend we discussed that after ATH breakout, chance of a small pullback or consolidation is high which seems to be in action. Now 23110 will be trigger for a strong bullish impulse. If short triggers below 22850 then we will be alert near 22745 as it can act as a CIP support. Coming to Wednesday's trade setup, if index opens flat and a 15 Min candle closes above 23000 then we will long for the target of 23200+. For selling we need a 15 Min candle close below 22850. T- 22630. 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 50 Hits All-Time High - Is It Time to Book Profits?The NIFTY 50 index recently reached a record high of 23,100, marking a significant milestone. However, this peak is accompanied by concerning signals that suggest a potential downturn. Despite the achievement, the index is displaying weak momentum, evidenced by a bearish divergence in the Relative Strength Index (RSI) and the formation of bearish candle patterns over the past two days. These indicators raise the question: Is it time to book profits and wait for more favorable entry points? Moreover, the NIFTY 50 has formed a triple top pattern, which is a classic bearish signal. If the index breaks below the neckline at 21,800, it could further decline towards 21,200, where it might find support around the 200-day moving average (MA). In the near term, the technical charts suggest that a correction is on the horizon. Given these signals, it might be prudent for investors to consider booking profits and waiting for the market to present more attractive entry levels.
NSE:NIFTYShort
by breakout_ninja
28 May 2024 - Still Bullish on Nifty, 22781 laxman rekhaAfter we had a slightly red day, i am not changing my stance to bearish yet. I would prefer the 22781 critical support to be taken out before going short. I still believe N50 is catching its breath after the 1100+pts run from 16th May, but the moment we fall below 22871, we are going below the previous ATHs and that could prove quite tricky. In the last 2 instances i.e. on 10th Apr, 3rd May we had noticeable corrections - so the base case to go bearish may be profitable.
NSE:NIFTYLong
by viswaram
NIFTY Prediction for tomorrow 29 May 24As we discussed, Nifty has a sideways or bearish structure; it ended sideways in 1st half, then bearish later 2nd half. If we look at the chart now: The market has broken 50 EMA and a good support zone to the downside. Also, an EMA(13, 50) bearish crossover is about to happen, which might lead to a bearish market structure. The market is making an HNS pattern and has broken the neckline to the downside, which might lead to a target of 22600 levels. If we look at the OI data: PCR = 0.80, which has fallen from 0.89, shows good CE writing at higher levels. 23000 will be acting as hard resistance at higher levels. Other than that, Nifty has good resistance at 23100, 23200, and 23300. Looking at the data, Nifty might go bearish in the upcoming session with a target of 22600 . Reasons: RSI < 40 falling from the upside shows a good bearish strength. EMA(13) > Price > EMA(50, 200), which indicates an indecisive or rather sideways market. The market has formed a lower high that indicates the market is bearish. PCR = 0.80 indicates mild bullishness, but this has fallen from 0.89, which shows good CE writing at higher levels. Price < VWAP shows that a weak market structure can lead to a bearish market. Verdict: Bearish Plan of action : 22800 PE (Hedge it with 10/-) if the market continues bearish momentum. Note: you can target 200 EMA targets.
NSE:NIFTYShort
by finnova_
3
Nifty levels - May 29, 2024Nifty support and resistance levels are valuable tools for making informed trading decisions, specifically when combined with the analysis of 5-minute timeframe candlesticks and VWAP. By closely monitoring these levels and observing the price movements within this timeframe, traders can enhance the accuracy of their entry and exit points. It is important to bear in mind that support and resistance levels are not fixed, and they can change over time as market conditions evolve. The dashed lines on the chart indicate the reaction levels, serving as additional points of significance to consider. Furthermore, take note of the response at the levels of the High, Low, and Close values from the day prior. We hope you find this information beneficial in your trading endeavors. * If you found the idea appealing, kindly tap the Boost icon located at the bottom right. We encourage you to share your thoughts and comments regarding it. Wishing you success in your trading activities!
NSE:NIFTY
by sacxe
#Nifty Directions and levels for May 28th.Good morning, friends! 🌺🍬 Here are the directions for May 28th: The global market is maintaining a bearish sentiment based on the Dow Jones, while our local market suggests a moderately bullish trend. We might see a neutral to slightly gap-down start today, as indicated by GiftNifty, which shows a decrease of 15 points. In the previous session, Nifty had sharply rejected in the second half, closing at a neutral price. Today, GiftNifty is also indicating a neutral opening. If we take a bias based on the Dow Jones, HDFC Bank, and RIL, they are suggesting a neutral sentiment. So, my expectation is that if Nifty opens neutral or if the initial market takes a pullback, we can expect a range market within the previous day's range. If it breaks either upside or downside after that, then we can follow that trend. In my opinion, if it forms a range, it may continue the rally. Alternatively, if the market takes a correction initially, it could reach the Fibonacci level of 50%, which is a strong support. After that correction, if it finds support there, we can expect a minimum pullback of 38% to 50%. Note: However, if the correction occurs sharply and if it breaks or consolidates around the Fibonacci level of 50%, then the correction will likely continue.
NSE:NIFTY
by Manickamtraders
NIFTY Intraday Trade Setup For 28 May 2024NIFTY Intraday Trade Setup For 28 May 2024 Bullish-Above 23030 Invalid-Below 22980 T- 23230 Bearish-Below 22870 Invalid-Above 22920 T- 22630 NIFTY has closed almost on flat note with minor cut of 0.11% today. It opened with 80 points gap up and then buy triggered near 12 o'clock which did not hit our target and revered to day low taking out our sl midway. Tomorrow 22745 will be an confluence level as that will be a CIP level after ATH breakout. Be alert at this zone for a bullish reversal structure. Below 22870 bears will try to take grip. Above 23030 we will plan long but we need a rejection first. Coming to Tuesday's trade setup, if index opens flat and a 15 Min candle closes above 23050 then we will long for the target of 23230. For selling we need a 15 Min candle close below 22870. T- 22630. 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 levels and zones for tomorrow 28/05/2024 NSE:NIFTY 1) Don't Jump in to trade at the beginning of the market. Let it get settle for 15-20min first and judge the price action. 2) Everything is mentioned on the chart. I hope it is easy to understand. 3) All the levels will work as support, resistance, entry and exit w.r.t price action near that level. 4) Avoid gap up or gap down chase. Wait and trade between zones. Please refer below chart for levels. Hope I made it easy to understand it. Do comment your doubt or suggestion. Note: Trade with Strict SL. It may or may not hit all the levels. So one can book profit / loss at respective level considering how price action works near that level.
NSE:NIFTY
by Trading_hawk
NIFTY prediction for tomorrow 28 MayAs we discussed, Nifty has completed its 2nd wave and touched the mentioned target. If we look at the chart now: The market is trading in a heavy supply zone. Also, in the second half of today, the market had a huge PE windup. After this huge momentum, the market needs some consolidation to move on either side. There was a huge volume spike that shows the market is not yet ready to break 23000 levels. All important levels have been marked at the chart. If we look at the OI data: PCR = 0.89, which has fallen from 1.28. shows a good PE wind-off. The market might take some consolidation in the range 22800 - 23100. 23000 is still the maximum amount of pain in the market. sufficient CE and PE are writing both sides. But CE is freshly written, which indicates bears are slowly increasing their position in the market. I expect the market to go sideways or bearish. Reasons: RSI < 50 falling from the upside shows a good reduction in the bull's strength. EMA(13) > Price > EMA(50, 200), which indicates an indecisive or rather sideways market. The market is still making HH & equal low, which indicates a reduction in bull power. If it makes a lower low, the market will have a good fall. PCR = 0.98 indicates bullishness, but this has fallen from 1.34, which shows lots of profit booking on the upside. Price < VWAP shows that a weak market structure can lead to a bearish or sideways market. Verdict : Sideways or Bearish Plan of action : Sell 23000 CE and 22800 PE (Hedge it with 10/-) Note: Exit CE if nifty breaks 23000 to the upside & Exit PE if it breaks 22800 to the downside. But right now, there are more chances for the market to be sideways or bearish
NSE:NIFTY
by finnova_
2
Nifty levels - May 28, 2024Nifty support and resistance levels are valuable tools for making informed trading decisions, specifically when combined with the analysis of 5-minute timeframe candlesticks and VWAP. By closely monitoring these levels and observing the price movements within this timeframe, traders can enhance the accuracy of their entry and exit points. It is important to bear in mind that support and resistance levels are not fixed, and they can change over time as market conditions evolve. The dashed lines on the chart indicate the reaction levels, serving as additional points of significance to consider. Furthermore, take note of the response at the levels of the High, Low, and Close values from the day prior. We hope you find this information beneficial in your trading endeavors. * If you found the idea appealing, kindly tap the Boost icon located at the bottom right. We encourage you to share your thoughts and comments regarding it. Wishing you success in your trading activities!
NSE:NIFTY
by sacxe
#Nifty directions and levels for May 27th.Good morning, friends! 🌺🍬 Here are the directions for May 27th: The global market is maintaining a bearish sentiment based on the Dow Jones, while our local market suggests a bullish trend. We might see a neutral to slightly gap-down start, as indicated by GiftNifty, which shows a decrease of 10 points. First, let's look at the bias: > Whenever consolidation forms after a solid structure, the market may follow that direction. The current structure indicates a bullish sentiment. > The major weightage stocks (HDFCBANK and RIL) both have solid bullish candles, so if this continues, the index may also continue the rally. Nifty has consolidated after a sharp rally, and today, GiftNifty is also indicating a neutral start. This suggests that the consolidation may continue for a bit. However, if the initial market takes a pullback, we can expect the rally to continue. According to the wave structure, it could be a sub-wave 5. This is a distribution wave, so it will reach the level of 23097 with less volume. However, if the pullback candle is a solid, long green candle, we could expect the level of 23197. Alternatively, if the initial market takes a correction, it could continue the correction of the 4th sub-wave, which is a consolidation wave. It may correct to a maximum level of 38%. If it finds support there, we could expect a bounce back.
NSE:NIFTY
by Manickamtraders
6
NIFTY Intraday Trade Setup For 27 May 2024NIFTY Intraday Trade Setup For 27 May 2024 Bullish-Above 23040 Invalid-Below 22990 T- 23210 Bearish-Below 22900 Invalid-Above 22950 T- 22745 NIFTY has closed on a strong bullish sentiment with 2% gain last week. Index broke the weekly range of 22800 and 21800 in the upside. On 23 May EOD we discussed that index target can be set to 23850 zone as per FIB extension and range calculation. Before moving towards 23850 zone there can be small pullback or consolidation so 23050 will be trigger point for upside rally. Below 22900 pullback move can be triggered. Coming to Monday's trade setup, if index opens flat and a 15 Min candle closes above 23040 then we will long for the target of 23210. For selling we need a 15 Min candle close below 22900. T- 22745. 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 levels and zones for coming week NSE:NIFTY 1) Don't Jump in to trade at the beginning of the market. Let it get settle for 15-20min first and judge the price action. 2) Everything is mentioned on the chart. I hope it is easy to understand. 3) All the levels will work as support, resistance, entry and exit w.r.t price action near that level. 4) Avoid gap up or gap down chase. Wait and trade between zones. Please refer below chart for levels. Hope I made it easy to understand it. Do comment your doubt or suggestion. Note: Trade with Strict SL. It may or may not hit all the levels. So one can book profit / loss at respective level considering how price action works near that level.
NSE:NIFTY
by Trading_hawk
Nifty levels - May 27, 2024Nifty support and resistance levels are valuable tools for making informed trading decisions, specifically when combined with the analysis of 5-minute timeframe candlesticks and VWAP. By closely monitoring these levels and observing the price movements within this timeframe, traders can enhance the accuracy of their entry and exit points. It is important to bear in mind that support and resistance levels are not fixed, and they can change over time as market conditions evolve. The dashed lines on the chart indicate the reaction levels, serving as additional points of significance to consider. Furthermore, take note of the response at the levels of the High, Low, and Close values from the day prior. We hope you find this information beneficial in your trading endeavors. * If you found the idea appealing, kindly tap the Boost icon located at the bottom right. We encourage you to share your thoughts and comments regarding it. Wishing you success in your trading activities!
NSE:NIFTY
by sacxe
#Nifty directions and levels for May 24th.Good morning, friends! 🌺🍬 Here are the directions for May 24th: The global market is showing a bearish sentiment based on the Dow Jones, while our local market suggests a super bullish trend. We might see a neutral to slightly gap-down start, as indicated by GiftNifty, which shows a decrease of 80 points. Nifty has broken its all-time high with a solid structure. Structurally, the rally may continue, but GiftNifty indicates a negative start. If the market opens with a gap-down, we can expect a minor correction of up to 38% to 50%. After that, if it finds support there (38 or 50%), it may continue the bullish trend with some range-bound movement between the previous high and the upcoming low. Alternatively, if the gap-down doesn’t sustain and there is an initial sharp pullback, the rally will likely continue with some minor consolidation.
NSE:NIFTY
by Manickamtraders
23 May 2024 - Nifty almost kissed 23000 today, Bulls charged upNifty Analysis - Stance Bullish ⬆️ Nifty had an impressive 417pts ~ 1.85% intraday rally, although the bullishness was predicted - I was quite surprised that we had such momentum today, and that too before election results. But if you look at the data objectively, what we had today was quite reasonable. After all, we were breaking out from the all-time highs and usually, that means a quick surge of which the excesses will be shaved off in a day or two. For tomorrow, our bullish stance continues and there are no more resistances above this level, meaning we would not really know where the next stop would be.
NSE:NIFTYLong
by viswaram