Nifty 50 Intraday Trade Setup for 11th May 2021

Good Morning everyone,

Hope you all are doing great and did good in the last week, Index short term trend is bullish and we have seen 500 points up move in the last week but the main problem is Index momentum in intraday is so choppy & messy and most of the movement comes with a gap up then the market turns sideways all over the day which is not tradable in the Intraday.

Let's talk about our trade setup for 05th May 2021?

Key Factors
===================
1-The index is trading on their Harmonic PRZ. The level is 14,972. which can act as resistance.

2-India USD and SGX Nifty both are trading on a Negative Note. Almost 114 Points down from the previous day closing.

3-Index Intraday Support is at 14,700.

4- Higher Trend is still missing and the wider range is still valid from 14,000 to 15,000.

5- 15,000 is the Phycological resistance confirmed with the Harmonic PRZ.

Intraday on 05th May 2021.
================================
Intraday Range is 15,000 to 14,700 which is very big and can create a problem is the Intraday.

The index is about to Open around 100+ Point gaps down so you must know the support area which is 14,700-14,730.

Risky and Aggressive Traders can create a long position from the support zone with minimum sl and can hold the Position if 30-minute range breaks on the upper side,


Disclaimer: I am not a SEBI Registered Research Analyst and all the information provided here is for educational purposes Views are shared based on market research and study and personal in nature. Others can take different views and opinions.

Good Luck and Happy Trading
Virendra Pandey

Comment:

Sorry for the typo mistake in the date. Trade setup for 11th May 2021.