NIFTY Intraday Trade Setup For 5 Aug 2024
NIFTY Intraday Trade Setup For 5 Aug 2024
Bullish-Above 24860
Invalid-Below 26810
T- 25045
Bearish-Below 24680
Invalid-Above 24730
T- 24457
NIFTY has closed on a slight bearish note with 0.47% cut last week. It tested psychological level of 25K and this is a huge non-stop run since couple of months. Now 25500 to 25k is going to be a supply zone. 25500 is a PRZ level level as per ABCD pattern in monthly TF. However on Friday it opened with a gap down and sustained that which indicates that we have made a short term top here and bearishness likely to continue for some days or weeks. Overall view will be sell on rise.
Coming to Monday's trade setup, if index opens flat and a 15 Min candle closes above 24860 then we will long for the target of 25045.
For selling we need a 15 Min candle close below 24680. T- 24457.
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 24860
Invalid-Below 26810
T- 25045
Bearish-Below 24680
Invalid-Above 24730
T- 24457
NIFTY has closed on a slight bearish note with 0.47% cut last week. It tested psychological level of 25K and this is a huge non-stop run since couple of months. Now 25500 to 25k is going to be a supply zone. 25500 is a PRZ level level as per ABCD pattern in monthly TF. However on Friday it opened with a gap down and sustained that which indicates that we have made a short term top here and bearishness likely to continue for some days or weeks. Overall view will be sell on rise.
Coming to Monday's trade setup, if index opens flat and a 15 Min candle closes above 24860 then we will long for the target of 25045.
For selling we need a 15 Min candle close below 24680. T- 24457.
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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