NIFTY Intraday Trade Setup For 16 Aug 2024
NIFTY Intraday Trade Setup For 16 Aug 2024
Bullish-Above 24200
Invalid-Below 24150
T- 24400
Bearish-Below 24090
Invalid-Above 24140
T- 23900
NIFTY has closed on a flat note on Wednesday, formed a tiny daily candle of less than 100 points range. Since its a neutral candle we cant be biased. We will simply wait for that 100 points range to broken either side. 24200 and 24090 is the range for Friday. In daily TF NIFTY has maintained range of 24400 and 24000. Next week we may get a breakout.
Coming to Friday's trade setup, if index opens flat and a 15 Min candle closes above 24400 then we will long for the target of 24400.
For selling we need a 15 Min candle close below 24090. T- 23900.
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 24200
Invalid-Below 24150
T- 24400
Bearish-Below 24090
Invalid-Above 24140
T- 23900
NIFTY has closed on a flat note on Wednesday, formed a tiny daily candle of less than 100 points range. Since its a neutral candle we cant be biased. We will simply wait for that 100 points range to broken either side. 24200 and 24090 is the range for Friday. In daily TF NIFTY has maintained range of 24400 and 24000. Next week we may get a breakout.
Coming to Friday's trade setup, if index opens flat and a 15 Min candle closes above 24400 then we will long for the target of 24400.
For selling we need a 15 Min candle close below 24090. T- 23900.
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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