Nifty 50 Intraday Trade Setup for 12th June 2022

Nifty 50 Index ended flat on Monday amid selling pressure in IT shares, after TCS’s quarterly performance fell short of Street estimates. Investors await more of financial results from India Inc for domestic cues. Index traded in the range during the first half and shoot up nearly 130 points from the day's low before erasing some of the gains.


Intraday
The index is taking support from a dynamic trendline. Upward momentum will continue above 16,300. Breaking of the trendline will indicate loosing of upward momentum and we will consider shorting below 16,160 for a target of 16,110 if the index sustains below 16,100 next target will be 16,000.


Daily Time Frame
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Continuing from yesterday’s analysis, the XABCD pattern is activated.
Key levels:
Resistance: 16,450/500 (Harmonic PRZ)
Support: 15,950