Nifty 50 Intraday Trade Setup for 22 June 2020
Good Morning Guys,
I hope you guys doing good in this weekend and made some good bucks last week. The last 2 days was a big hit in the previous week and we had seen a good rally in Index almost 400+ points in just 2 days. Do not make any view if you're doing intraday and follow simple price action. I do not understand why people make view on a news basis since they're doing Intraday. Retailers are negative because India china clash and market trap most of them and give a good rally in the upside.
Is this a Bear Trap?
Of course, this is a bear trap. Most of the traders have negative thoughts for the market and they're thinking for short but the market is not giving any short and making new high daily. I know most of the things are negative like economic. corona patients numbers but look at the index so be careful at this point and don't short Index without confirmation. Let's Talk about the key factor for Monday Trade Setup.
Key Factors
=============================
1= SGX nifty has closed in friday on 10138 . which is 98 Point low from the previous closing. We can see a profit booking on monday and Index is about to Open 100+ Point Gap down.
2-Diesel Price Hits Record High After Rates Hiked For 14th Day In A Row; Petrol Up 51 Paise*
Diesel price on Saturday hit a record high after rates were hiked by 61 paise per liter while petrol price was up 51 paise, taking the cumulative increase in rates in two weeks to Rs 8.28 and Rs 7.62 respectively.
*Govt is only generating revenue for increasing petrol and diesel prices*
3-HDFC looking to raise up to Rs 14,000 crore to bolster liquidity and expand business
4-Total cases of coronavirus are above than 03 lac.
5- 14-15000 Corona Pateinnt Cases register daily.
6- India is the 4th Heavily Infected Country of COVID.
7- The USA can ban an H1-B visa and it can affect IT sectors.
Technical View
=======================
The index current range is 10400 to 9500. Both levels are so important for the index to see a clear direction. 10430 is also a B point for the Harmonic ABCD pattern. The index can make 11100 if the Index sustains above on it. if Index breaks 9500 then we can see 8750 again so keep an eye on both of Levels.
Trade setup :
===================
Long: Intraday Resistance is on 10300 and we need to wait for the break out this level about to Open a long position on Monday Session.
Short: Short Position can build lower than 10100.
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 different views and opinions.
Good Luck and Happy Trading
Virendra Pandey
I hope you guys doing good in this weekend and made some good bucks last week. The last 2 days was a big hit in the previous week and we had seen a good rally in Index almost 400+ points in just 2 days. Do not make any view if you're doing intraday and follow simple price action. I do not understand why people make view on a news basis since they're doing Intraday. Retailers are negative because India china clash and market trap most of them and give a good rally in the upside.
Is this a Bear Trap?
Of course, this is a bear trap. Most of the traders have negative thoughts for the market and they're thinking for short but the market is not giving any short and making new high daily. I know most of the things are negative like economic. corona patients numbers but look at the index so be careful at this point and don't short Index without confirmation. Let's Talk about the key factor for Monday Trade Setup.
Key Factors
=============================
1= SGX nifty has closed in friday on 10138 . which is 98 Point low from the previous closing. We can see a profit booking on monday and Index is about to Open 100+ Point Gap down.
2-Diesel Price Hits Record High After Rates Hiked For 14th Day In A Row; Petrol Up 51 Paise*
Diesel price on Saturday hit a record high after rates were hiked by 61 paise per liter while petrol price was up 51 paise, taking the cumulative increase in rates in two weeks to Rs 8.28 and Rs 7.62 respectively.
*Govt is only generating revenue for increasing petrol and diesel prices*
3-HDFC looking to raise up to Rs 14,000 crore to bolster liquidity and expand business
4-Total cases of coronavirus are above than 03 lac.
5- 14-15000 Corona Pateinnt Cases register daily.
6- India is the 4th Heavily Infected Country of COVID.
7- The USA can ban an H1-B visa and it can affect IT sectors.
Technical View
=======================
The index current range is 10400 to 9500. Both levels are so important for the index to see a clear direction. 10430 is also a B point for the Harmonic ABCD pattern. The index can make 11100 if the Index sustains above on it. if Index breaks 9500 then we can see 8750 again so keep an eye on both of Levels.
Trade setup :
===================
Long: Intraday Resistance is on 10300 and we need to wait for the break out this level about to Open a long position on Monday Session.
Short: Short Position can build lower than 10100.
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 different views and opinions.
Good Luck and Happy Trading
Virendra Pandey
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