NIFTY Intraday Trade Setup For 09 Feb 2024

NIFTY Intraday Trade Setup For 09 Feb 2024

Bullish-Above 21830
Invalid-Below 21780
T- 22005 22190

Bearish-Below 21650
Invalid-Above 21700
T- 21465 21300

NIFTY has closed on a complete bearish note with nearly 1% cut today. Once again our swing short position triggered below 21800 as per shooting star formed on 2 Feb came in profit. SL of 22130 is intact. We can now expect more fall in our favor in the coming days. There is a chance of a quick fall below 21660 tomorrow. Last swing high in intraday was 21820 so above 21830 there can be bullish reversal.

Coming to Friday's trade setup, if index opens flat and a 15 Min candle closes above 21830 then we will long for the target f 22005 and 22190.

For selling we need a 15 Min candle close below 21660. T- 21465 and 21300.

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.