NIFTY Intraday Trade Setup For 8 May 2024

NIFTY Intraday Trade Setup For 8 May 2024

Buy-Above 22350
Invalid-Below 22300
T- 22590

Bearish-Below 22230
Invalid-Above 22280
T- 22000 21800

NIFTY has closed on a bearish note with 0.62% cut today. Sell triggered below 22350 and gave a good move till 22335. Index held 50 EMA in daily TF. In case 50 EMA is respected then 22350 will be a bullish reversal level. Also possibility opens of 0.618% pullback above 22350. 22600 will be an intraday resistance for tomorrow's session. On a flat opening below 22230 index will test psychological level- 22k.

Coming to Wednesday's trade setup, if index opens flat and a 15 Min candle closes above 22350 then we will long for the target of 22600.

For selling we need a 15 Min candle close below 22230. T- 22000.

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.