Nifty 50 Intraday Trade Setup for 19th July 2022

Nifty50 Index on Monday kept on the momentum after a gap-up start to eventually close around its recent swing high of 16,275. India Vix also cooled off by 2.5% to 17.16.



Daily TF
The index gave a breakout and re-test of the downward dynamic trendline resistance holding the downtrend. The index is still making higher lows taking support from 15,900 levels (B point of XABCD), and the XABCD pattern is still valid. The index is now trying to break its recent swing high (B point of ABCD pattern), which will activate the ABCD pattern (confirmation above 16,300/20), and the upward momentum can continue till 16,600 levels.
Key levels
Support : 15,900
Resistance : 16,612-16,683


Intra Day (30 Mins)
The index is now trading at crucial resistance of 16,280 (Harmonic PRZ and Previous swing high), and a break out will be confirmed if the Index sustains 16,300 levels with support at 16,200 (which was respected twice yesterday).
SGX Nifty is currently suggesting a gap down opening, the entire unfilled gap area will act as good support, and we will follow the 30 mins range break strategy.