NIFTY Intraday Trade Setup For 18 Jan 2024

NIFTY Intraday Trade Setup For 18 Jan 2024

Sell_1- From 21855
Invalid- Above 21905
T- 21705 21600

Sell_2- Below 21550
Invalid- Above 21600
T- 21390 21215

NIFTY has closed on a complete bearish note with 2% cut today. It opened with a big gap down which was triggered by HDFCBANK. It was on the biggest gap down in the recent months and a single component had the contribution. Yesterday we discussed that it formed a spinning top candle and below its low there can be a chance of reversal. Now tomorrow there can be a chance of pullback if today's low is safe. In this case 21855 will act as an intraday resistance.

Coming to Thursday's trade setup, if index opens flat and a 15 Min candle closes below 21550 then we will short for the target of 21390 and 21215.

2nd short can be considered from 21855. T- 21705 and 21600.

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.