NIFTY Intraday Trade Setup For 20 Aug 2024

NIFTY Intraday Trade Setup For 20 Aug 2024

Bullish-Above 24650
Invalid-Below 24600
T- 24850

Bearish-Below 24510
Invalid-Above 24560
T- 24300

NIFTY has closed almost on a flat note with minor gain of 0.13% today. It opened with a small gap up of 100 points and then it turned sideways for the whole day. Index traded inside 100 points range so today's range will be important to watch out tomorrow on breakout. 24650 and 24510 are levels to watch out tomorrow. Be neutral inside this range and follow non-directional approach.

Coming to Tuesday's trade setup, if index opens flat and a 15 min candle closes above 24650 then we will long for the target of 24850.

For selling we need a 15 Min candle close below 24510. T- 24300.

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.