NIFTY Intraday Trade Setup For 27 May 2024
Bullish-Above 23040
Invalid-Below 22990
T- 23210
Bearish-Below 22900
Invalid-Above 22950
T- 22745
NIFTY has closed on a strong bullish sentiment with 2% gain last week. Index broke the weekly range of 22800 and 21800 in the upside. On 23 May EOD we discussed that index target can be set to 23850 zone as per FIB extension and range calculation. Before moving towards 23850 zone there can be small pullback or consolidation so 23050 will be trigger point for upside rally. Below 22900 pullback move can be triggered.
Coming to Monday's trade setup, if index opens flat and a 15 Min candle closes above 23040 then we will long for the target of 23210.
For selling we need a 15 Min candle close below 22900. T- 22745.
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 23040
Invalid-Below 22990
T- 23210
Bearish-Below 22900
Invalid-Above 22950
T- 22745
NIFTY has closed on a strong bullish sentiment with 2% gain last week. Index broke the weekly range of 22800 and 21800 in the upside. On 23 May EOD we discussed that index target can be set to 23850 zone as per FIB extension and range calculation. Before moving towards 23850 zone there can be small pullback or consolidation so 23050 will be trigger point for upside rally. Below 22900 pullback move can be triggered.
Coming to Monday's trade setup, if index opens flat and a 15 Min candle closes above 23040 then we will long for the target of 23210.
For selling we need a 15 Min candle close below 22900. T- 22745.
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.
