NIFTY Intraday Trade Setup For 6 Aug 2024
NIFTY Intraday Trade Setup For 6 Aug 2024
Bullish-Above 24350
Invalid-Below 24300
T- 24700+
Bearish-Below 23890
Invalid-Above 23940
T- 23515
NIFTY has closed on a bold bearish note with 2.68% cut. We discussed in the weekend after 25K was tested that index has formed a short term top. It opened directly with a very big gap down and 10 o'clock range was to be used as per trade setup. Range broke downside below 24190 and gave a good move till 23895, 300 points gain with 100 points risk. Tomorrow below 23890 we will sell again and overall view will be sell on rise. 23500 zone will be a strong support.
Coming to Tuesday's trade setup, if index opens flat and a 15 Min candle closes above 24350 then we will long for the target of 24350.
For selling we need a 15 Min candle close below 23890. T- 23515.
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 24350
Invalid-Below 24300
T- 24700+
Bearish-Below 23890
Invalid-Above 23940
T- 23515
NIFTY has closed on a bold bearish note with 2.68% cut. We discussed in the weekend after 25K was tested that index has formed a short term top. It opened directly with a very big gap down and 10 o'clock range was to be used as per trade setup. Range broke downside below 24190 and gave a good move till 23895, 300 points gain with 100 points risk. Tomorrow below 23890 we will sell again and overall view will be sell on rise. 23500 zone will be a strong support.
Coming to Tuesday's trade setup, if index opens flat and a 15 Min candle closes above 24350 then we will long for the target of 24350.
For selling we need a 15 Min candle close below 23890. T- 23515.
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.
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