NIFTY LEVEL 26/12/2023

 

 

  NIFTY Intraday Trade Setup For 26 Dec 2023

Bullish-Above 21400
Invalid-Below 21350
T- 21550 21710

Bearish-Below 21230
Invalid-Above 21280
T- 21058 20905

NIFTY has formed a halt candle after 7 weeks. It is very obvious after a strong rally, pullbacks are common. 21600 is a short term top formed and next leg of rally will be triggered above that. In hourly TF below 20970, pullback cum down move will be extended till further lower levels. However 20750 will act as a very strong support in the downside. In 15 Min TF it has retraced till 0.618 of the fall. Now both possibility opens up, 21400 will give us a bullish structure once again and propel markets to fresh ATH. Below 21230 the pullback move will get triggered.

Coming to Tuesday's trade setup, if index opens flat and a 15 Min candle closes above 21400 then we will long for the target of 21550 and 21707.

For selling we need a 15 Min candle close below 21230. T- 21058 and 20905.

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.