NIFTY Intraday Trade Setup For 9 May 2024
NIFTY Intraday Trade Setup For 9 May 2024
Bullish-Above 22370
Invalid-Below 22320
T- 22605
Bearish-Below 22170
Invalid-Above 22220
T- 22000
NIFTY has closed on an absolute flat note today. Yesterday we discussed that index has reached 50 EMA and there is a chance of respect. Tomorrow after a flat opening if index sustains today's high then there can be 0.618 % pullback of the recent fall from 22800. Important resistance will be 22610 which will be our long target too. Below 22170 we will short and expectation will be to ride the short trade as per the recent trend.
Coming to Thursday's trade setup, if index opens flat and a 15 Min candle closes above 22370 then we will long for the target of 22605.
For selling we need a 15 Min candle close below 22170. 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.
Bullish-Above 22370
Invalid-Below 22320
T- 22605
Bearish-Below 22170
Invalid-Above 22220
T- 22000
NIFTY has closed on an absolute flat note today. Yesterday we discussed that index has reached 50 EMA and there is a chance of respect. Tomorrow after a flat opening if index sustains today's high then there can be 0.618 % pullback of the recent fall from 22800. Important resistance will be 22610 which will be our long target too. Below 22170 we will short and expectation will be to ride the short trade as per the recent trend.
Coming to Thursday's trade setup, if index opens flat and a 15 Min candle closes above 22370 then we will long for the target of 22605.
For selling we need a 15 Min candle close below 22170. 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.
==========
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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