Nifty Intraday Trade Setyp for Wednesday 29th April 2020Good Morning sir's,
Hope you all are doing good. Yesterday was an awesome day and we have made good profit in Nifty.. In today Morning SGX and Onanada both are trading on a flat note in Nifty future so there is chances our nifty will also open a small gap up or Gapdown. yesterday Nifty has closed almost on their resistance. Yesterday move has made Bearish Gartley Pattern Harmonic pattern in 15 minute time frame. I know small time is risky when draw the harmonic but you also need to remember these are fib levels and always be respect...
Key Factors
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1- Dow Jones files rose on Tuesday after a string of energetic quarterly reports ..the Dow Jones Industrial Average was up 188.54 focuses
2- Crude oil is still weak
3- Indian rupees stable
4- According to option chain data Nifty range will be 9500 to 9300 for Intraday
Resistance and support and technical view
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Nifty is making a rising wedge in daily time frame which is a bearish breakdown pattern and range is getting smaller and smaller in upside. Nifty major resistance area is 9656-9878 as per my calculation.
Intraday Trade Setup
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Buy : Well buying in future and in options both are risky today because most of chances index will trade in a narrow range today but in case nifty cross 9450 then risky traders can build a long position for 30-50 Points. Today in writers day.
Sell : Intraday support is lower then 9300 and seller must consider this level to open a short Position if nifty break it.
Disclaimer: I am not a SEBI Registered Research Analyst and all the information provided here is for educational purposes Views are shared based on market research and study and personal in nature. Others can take the different view and opinions.
Good Luck and Happy Trading
Virendra Pandey
