NIFTY Intraday Trade Setup For 3 May 2024

NIFTY Intraday Trade Setup For 3 May 2024

Bullish-Above 22800
Invalid-Below 22750
T- 23050

Bearish-Below 22550
Invalid-Above 22600
T- 22333

NIFTY has closed with a slight gain of 0.19% gain today. On Tuesday EOD we discussed that index may give a bounce of the fall towards 22700 zone if Tuesday's low will be safe. Index followed the same and 22700 zone acted as intraday resistance. Index traded between previous day's range and formed an inside candle in daily TF. Tomorrow once again index looks sideways if it does not dive below 22560. So will will stick to broader range of 22800 and 22550 to trade.

Coming to Friday's trade setup, if index opens flat and a 15 Min candle closes above 22800 then we will long for the target of 23050.

For selling we need a 15 Min candle close below 22550. T- 23333.

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.