NIFTY Intraday Trade Setup For 05 Jan 2023

NIFTY Intraday Trade Setup For 05 Jan 2023

Bullish-Above 21690
Invalid-Below 21640
T- 21850 21980

Bearish-Below 21590
Invalid-Above 21640
T- 21465 21325

NIFTY has closed on a bullish note with 0.66% gain today. It opened with a gap up and also sustained the gap up. Buy triggered as per trade setup above 21590 and almost 90 points till 21685. However the momentum was less stronger than BANKNIFTY. Possibility is high that we may hit a fresh ATH above today's high 21690. Important intraday resistance will be 21850-30. For a downside journey and gap filling 21590 is the level to be watched for breakout.

Coming to Friday's trade setup, if index opens flat and a 15 Min candle closes above 21690 then we will long for the target of 21830-50 and 21980.

For selling we need a 15 Min candle close below 21590. T- 21465 and 21325.

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.