NIFTY Intraday Trade Setup For 12 Aug 2024

NIFTY Intraday Trade Setup For 12 Aug 2024

Bullish-Above 24420
Invalid-Below 24370
T- 24640

Bearish-Below 24300
Invalid-Above 34350
T- 24080

NIFTY has closed on with 1.42% cut last week. However it has formed a Pinbar candle in weekly TF which shows that bulls tried gripping once again after sharp drop due to global cues. Above 24420 bulls will try to take take charge however I doubt the momentum in favor. 23900 is an important market structure level in daily TF below which it will confirm a bearish trend in short term. Overall market looks sell on rise. Friday's candle is an indecision candle, high/low being trigger point.

Coming to Monday's trade setup, if index opens flat and a 15 Min candle closes above 24420. T- 24640 and 24855.

For selling we need a 15 Min candle close below 24300. T- 24080.

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