Nifty intraday trading levels for 02/01/24.
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Nifty for consecutive 3 trading session has been closing in a range. In the closing hour the market has closed below the hourly 20 ema.
RSI indicator is also showing some bearish divergence and there are chance of market trying to test the lower support levels.
Intraday targets for bearish move :- 21585, 21530
If there is a flat opening and market starts trading below today's low these targets can be achieved.
On the higher side, trades should be initiated above the resistance zone of 21820 with a proper Risk Reward ratio.
Watch for the price action near the levels before entering the market.
RSI indicator is also showing some bearish divergence and there are chance of market trying to test the lower support levels.
Intraday targets for bearish move :- 21585, 21530
If there is a flat opening and market starts trading below today's low these targets can be achieved.
On the higher side, trades should be initiated above the resistance zone of 21820 with a proper Risk Reward ratio.
Watch for the price action near the levels before entering the market.
Nota
First target in nifty was done today. After testing the support levels and retested 50% levels.
If there is a price action on the bearish side below 21585 a 50 points trade can be initiated with a tight SL.
Enter bullish trade only once it starts trading above the ATH.
Wait for nifty to close below 21585 on 15 minute candle.
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