NIFTY Intraday Trade Setup For 12 Feb 2024
Bullish-Above 21830
Invalid-Below 21780
T- 22011 22190
Bearish-Below 21620
Invalid-Above 21670
T- 21400
NIFTY has closed almost on a neutral note last week and formed a spinning top candle. In weekly TF it is just consolidation which is pretty common after a big run. We have initiated a short position below 21800 as per 2nd leg shooting star in daily TF. Sl 22130 is intact , if it is triggered then above 22200 bullish move will continue as an impulse. Target for this short is 21450 which is 50% retracement of the last leg of rally.
Coming to Monday's trade setup, if index opens flat and a 15 Min candle closes above 21830 then we will long for the target of 22011 and 22190.
For selling we need a 15 Min candle close below 21620. T- 21400 and 21120.
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 21830
Invalid-Below 21780
T- 22011 22190
Bearish-Below 21620
Invalid-Above 21670
T- 21400
NIFTY has closed almost on a neutral note last week and formed a spinning top candle. In weekly TF it is just consolidation which is pretty common after a big run. We have initiated a short position below 21800 as per 2nd leg shooting star in daily TF. Sl 22130 is intact , if it is triggered then above 22200 bullish move will continue as an impulse. Target for this short is 21450 which is 50% retracement of the last leg of rally.
Coming to Monday's trade setup, if index opens flat and a 15 Min candle closes above 21830 then we will long for the target of 22011 and 22190.
For selling we need a 15 Min candle close below 21620. T- 21400 and 21120.
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.
