Nifty Intraday Update for 20th July 22

The index rally in the last three trading sessions was almost 3% (432 points). Bullish sentiment continued. The Index has broken the previous swing high and sustained above on the daily chart. The Index is heading for its supply zone, and we can see a profit booking from 16,450 to 16,600. A crucial area to trade in intraday.

Daily TF
The Index gave a breakout and re-test of the low dynamic trendline resistance, holding the trend. The Index is still making higher highs and higher lows and taking support from 15,900 levels (B point of XABCD), and the XABCD pattern is still valid. The Index has broken the recent swing high (B point of ABCD pattern), which has activated the ABCD pattern (confirmation was 16,300/20), and the upward momentum can continue till 16,450 - 16,600 levels.
Key levels
Support: 16,280
Resistance : !6,450 to 16,600

Intra Day (1530 Mins)
The Index is now trading at crucial resistance of 16,402 (Harmonic ABCD PRZ ), and the intraday support is 162,80, which was the yesterday range for the nifty 50 index in intraday
SGX Nifty is currently suggesting a gap up opening, the entire unfilled gap area will act as good support, and we will follow the 30 mins range break strategy.