NIFTY Intraday Trade Setup For 01 Feb 2024
Bullish-Above 21820
Invalid-Below 21770
T- 22177 22533
Bearish-Below 21440
Invalid-Above 21490
T- 21120 20769
NIFTY has closed on a bullish note with nearly 1% gain today. As per trade setup nothing triggered as per trade setup. But one important thing was discussed yesterday that 21470 will be an important support as per half bat pattern (50% retracement). It gave a harp bounce from 21470 till 21740. Tomorrow is Interim Budget an important event so there can be big moves either side based on announcements. I will personally not trade tomorrow. Be very low position sized or avoid trading tomorrow.
Coming to Thursday's trade setup, if index opens flat and a 15 Min candle closes above 21820 then we will long for the target of 22177 and 22533.
For selling we need a 15 Min candle close below 21440. T- 21120 and 20769.
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.
Bullish-Above 21820
Invalid-Below 21770
T- 22177 22533
Bearish-Below 21440
Invalid-Above 21490
T- 21120 20769
NIFTY has closed on a bullish note with nearly 1% gain today. As per trade setup nothing triggered as per trade setup. But one important thing was discussed yesterday that 21470 will be an important support as per half bat pattern (50% retracement). It gave a harp bounce from 21470 till 21740. Tomorrow is Interim Budget an important event so there can be big moves either side based on announcements. I will personally not trade tomorrow. Be very low position sized or avoid trading tomorrow.
Coming to Thursday's trade setup, if index opens flat and a 15 Min candle closes above 21820 then we will long for the target of 22177 and 22533.
For selling we need a 15 Min candle close below 21440. T- 21120 and 20769.
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.
==========
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.
