NIFTY Intraday Trade Setup For 13 May 2024
Bullish-Above 22150
Invalid-Below 22100
T- 22235
Bearish-Below 21930
Invalid-Above 21980
T- 21680
NIFTY has closed on a bearish note last week with 1.87% cut last. Last week we discussed that there is a possibility of short term downside move below 2nd leg Shooting Star's low- 22340. Index triggered the short trade and gave one way move till 21950 without a major pullback. Also index has taken a halt at lower trendline in daily TF. Once again let me discuss the major weekly levels which are 22800 and 21700.
Coming to Monday's trade setup, if index opens flat and a 15 Min candle closes above 22150 then we will long for the target of 22350.
For selling we need a 15 Min candle close below 21930. T- 21680.
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 22150
Invalid-Below 22100
T- 22235
Bearish-Below 21930
Invalid-Above 21980
T- 21680
NIFTY has closed on a bearish note last week with 1.87% cut last. Last week we discussed that there is a possibility of short term downside move below 2nd leg Shooting Star's low- 22340. Index triggered the short trade and gave one way move till 21950 without a major pullback. Also index has taken a halt at lower trendline in daily TF. Once again let me discuss the major weekly levels which are 22800 and 21700.
Coming to Monday's trade setup, if index opens flat and a 15 Min candle closes above 22150 then we will long for the target of 22350.
For selling we need a 15 Min candle close below 21930. T- 21680.
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.
