NIFTY Intraday Trade Setup For 24 Jul 2023
Buy-Above 19825
Sl-19775
T- 19935 20045
Sell-Below 19700
Sl-19750
T- 19554 19430
NIFTY has closed on a bearish note last Friday with more than 1% cut. It was said that our swing long position is 20k which was almost hit, so a profit booking was obvious. We longed from 18460 then above 18900 we opted PDL as TSL. If a daily candle closes below PDL and that red candle's low is breached then we will exit. On Friday it closed below so below 19700 we will book full position in long. If our TSL is hit then chances of a sentiment change will be there which means there can be a profit booking. Also all previous week's low have been safe, break of that also may trigger profit booking. However we need a proper bearish structure in daily TF to consider this or else it will be still bullish to sideways.
Coming to Monday's trade setup, if index opens flat and a 15 Min candle closes above 19825 then we will long for the target of 19935 and 20045.
For selling we need a 15 Min candle close below 19700. T- 18554 and 19430.
In case of a big gap up/down, wait till 10 o'clock and mark the high and low of the trading range. Trade on this range breakout.
Buy-Above 19825
Sl-19775
T- 19935 20045
Sell-Below 19700
Sl-19750
T- 19554 19430
NIFTY has closed on a bearish note last Friday with more than 1% cut. It was said that our swing long position is 20k which was almost hit, so a profit booking was obvious. We longed from 18460 then above 18900 we opted PDL as TSL. If a daily candle closes below PDL and that red candle's low is breached then we will exit. On Friday it closed below so below 19700 we will book full position in long. If our TSL is hit then chances of a sentiment change will be there which means there can be a profit booking. Also all previous week's low have been safe, break of that also may trigger profit booking. However we need a proper bearish structure in daily TF to consider this or else it will be still bullish to sideways.
Coming to Monday's trade setup, if index opens flat and a 15 Min candle closes above 19825 then we will long for the target of 19935 and 20045.
For selling we need a 15 Min candle close below 19700. T- 18554 and 19430.
In case of a big gap up/down, wait till 10 o'clock and mark the high and low of the trading range. Trade on this range breakout.
