Nifty Intraday Trade Setup for Friday 16th October 2020

Good Morning everyone,

Hope you guys did well in yesterday's trading session and made a good buck. Yesterday fall was massive and target killers. Index fall was accepted from 12000 levels but to be honest I never think that it will be so huge and so straight. Bear always does this that's why I love Bear Market :) The main question is what about today's trading session, Well short-term correction is on and we can see a little more correction from here but the main question is what is our entry point for today's trading session...

Marked all stairs which were used in the bull run These stairs aka support can be used in the downside as well. Remember 11550 to 11600 is the major support in midterm so book you positional short at this level. Higher chances for a pullback or trend continue. Index short, Mid, and long term is an Uptrend so don't be nasty with your short and keep booking the profit.

Intraday View
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We can see a small gap up Opening today but does not mean that will change the yesterday sentiment for now Index is short. We need to watch the 1st Trading session and see what will happen. The index is short in today's Intraday and you just need to wait for it.

Levels
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Today is only selling position and it has 2 points to build your short Position.

1st Sell Position: 10,640
Stop loss: 10680
Target and room in downside: 11580

Second Sell Position
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Tricky but worthy. Wait a first Trading hour and see the pullback for the previous swing low and wait for test the stairs no 11 which is an Intraday Resistance. The level is 11740-11760 short from here
Stop loss: 11800
Target and room in downside: 11670

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