NIFTY Intraday Trade Setup For 16 Jul 2024
NIFTY Intraday Trade Setup For 16 Jul 2024
Bullish-Above 24640
Invalid-Below 24590
T- 24825
Bearish-Below 24520
Invalid-Above 24570
T- 24325
NIFTY has closed with a slight gain of 0.35% today. It was more or less non-directional day as where it opened is the same place where it closed EOD with an overall range of almost 100 points. It has formed a neutral doji candle in daily TF. Now below its low this candle will act as a reversal trigger. Also if it closes below 24500 then bulls may give up. Above 24640 there can be bullish move. We need a bearish price action in daily TF for a confirmed reversal.
Coming to Tuesday's trade setup, if index opens flat and a 15 Min candle closes above 24640 then we will long for the target of 24825.
For selling we need a 15 Min candle close below 24520. T- 24325.
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 24640
Invalid-Below 24590
T- 24825
Bearish-Below 24520
Invalid-Above 24570
T- 24325
NIFTY has closed with a slight gain of 0.35% today. It was more or less non-directional day as where it opened is the same place where it closed EOD with an overall range of almost 100 points. It has formed a neutral doji candle in daily TF. Now below its low this candle will act as a reversal trigger. Also if it closes below 24500 then bulls may give up. Above 24640 there can be bullish move. We need a bearish price action in daily TF for a confirmed reversal.
Coming to Tuesday's trade setup, if index opens flat and a 15 Min candle closes above 24640 then we will long for the target of 24825.
For selling we need a 15 Min candle close below 24520. T- 24325.
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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