NIFTY Intraday Trade Setup For 06 Nov 2023

NIFTY Intraday Trade Setup For 06 Nov 2023

Bullish-Above 19280
Invalid-Below 19230
T- 19370 19460

Bearish-Below 19210
Invalid-Above 19260
T- 19079 18945

NIFTY has closed on a slight bullish note last week with 0.96% gain. Last week we discussed that we a halt candle formation is high so has almost happened. Now 18800 is very important level for the next round of selling which can initiate a move towards 18000.Current positioning of the market is at CIP resistance zone- 19300. So its a confluence zone where both side possibility opens up based on the future market structure so 1-2 sessions needed to watch out for directional move which will be updated in the daily analysis here itself.

Coming to Monday's trade setup, if index opens flat and a 15 Min candle closes above 19280 then we will long for the target of 19370 and 19460.

For selling we need a 15 Min candle close below 19210. T- 19079.

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.