NIFTY Intraday Trade Setup For 28 Aug 2023

NIFTY Intraday Trade Setup For 28 Aug 2023

Bullish-Above 19340
Invalid-Below 19290
T- 19489 19600

Bearish-Below 19225
Invalid-Above 19275
T- 19105 19005

NIFTY has closed on a slight bearish note last week and day with 0.23% and 0.62% cut respectively. Its been a month (30 Jul) we planned our sell below 19560. This was triggered on 01 Aug and last swing high/risk was 19800 and now TSL will be cost as the last swing high is somewhere close to that. Target of 18750 zone is intact. Below 19220 we are likely to witness a momentum downfall as that will be a range shift. As of now it is sell on rise so every rise will be looked into sell with a bearish price (M) structure in smaller (5/15) TF.

Coming to Monday's trade setup, if index opens flat and a 15 Min candle closes above 19340 then we will long for the target of 19489 and 19600.

For selling we need a 15 Min candle close below 19225. T- 19106 and 19005.

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.