NIFTY Intraday Trade Setup For 22 Apr 2024

NIFTY Intraday Trade Setup For 22 Apr 2024

Bullish-Above 22190
Invalid-Below 22140
T- 22405

Bearish-Below 22000
Invalid-Above 22050
T- 21800

NIFTY has closed with a cut of 1.65% last week. Last week we had a bearish view as per the 2nd leg shooting star in weekly TF. Trigger of the bearish move was 22500. Index has respected 50 EMA in daily TF. Now Below 21770 next bearish move will be triggered which will be a breakdown of rising channel in daily TF. However 21700 is a major weekly support below which index will be bearish in medium term. In case of a gap up possibility of sell off will be high.

Coming to Monday's trade setup, if index opens flat and a 15 Min candle closes above 22190 then we will long for the target of 22405.

For selling we need a 15 Min candle close below 22000. T- 21800.

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.