NIFTY Intraday Trade Setup For 17 May 2024
Bullish-Above 22450
Invalid-Below 22400
T- 22675 N-ATH
Bearish- Below 22240
Invalid-Above 22290
T- 22050 21800
NIFTY has closed on a bold bullish note with 0.92% gain today. It was moving randomly but last leg move established and closed on a bold bullish note. Index has formed a long wick rejection candle like 13 May. So will simply trade the current trend and sentiment in power. Above today's high on a flat opening we will get get the best trade. Look like Index is all set for a fresh ATH. 22240 will act as a support zone but below this will short.
Coming to Friday's trade setup, if index opens flat and a 15 Min candle closes above 22450 then we will long for the target of 22675.
For selling we need a 15 Min candle close below 22240. T- 22050.
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 22450
Invalid-Below 22400
T- 22675 N-ATH
Bearish- Below 22240
Invalid-Above 22290
T- 22050 21800
NIFTY has closed on a bold bullish note with 0.92% gain today. It was moving randomly but last leg move established and closed on a bold bullish note. Index has formed a long wick rejection candle like 13 May. So will simply trade the current trend and sentiment in power. Above today's high on a flat opening we will get get the best trade. Look like Index is all set for a fresh ATH. 22240 will act as a support zone but below this will short.
Coming to Friday's trade setup, if index opens flat and a 15 Min candle closes above 22450 then we will long for the target of 22675.
For selling we need a 15 Min candle close below 22240. T- 22050.
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.
