NIFTY Intraday Trade Setup For 29 Apr 2024

NIFTY Intraday Trade Setup For 29 Apr 2024

Bullish-Above 22630
Invalid-Below 22580
T- 22810

Bearish-Below 22380
Invalid-Above 22430
T- 22145

NIFTY has closed with a gain of 1.23% last week. Index is still trading sideways in the parallel channel. https://www.tradingview.com/x/kKLW2obi/
Till the time index trades between this parallel channel direction trades in short term is risky. 21700 and 22800 is the range for a short term trigger. Breakout of this range will establish a trend in short term as these are weekly levels. 22300 is the last hourly swing low, breakdown may trigger a good fall.
https://www.tradingview.com/x/8seJckV0/


Coming to Monday's trade setup, if index opens flat and a 15 Min candle closes above 22630 then we will long for the target of 22810-50.

For selling we need a 15 Min candle close below 22380. T- 22145.

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.