NIFTY Intraday Trade Setup For 09 Oct 2023 || Weekly Outlook

NIFTY Intraday Trade Setup For 09 Oct 2023

Bullish-Above 19680
Invalid-Below 19630
T- 19800 19901

Bearish-Below 19600
Invalid-Above 19650
T- 19500 19420

NIFTY has closed on a an absolute flat note this week, just like previous one. It has formed a pinbar candle in weekly TF indicating a bullish momentum. For me this will be confirmed when we get a Bullish price structure in daily TF which will be updated here. Now if you observe since 22 Sep high it is following one pattern which is 0.85% retracement and then a fall.
On Friday it has tested the same level so as per current behaviour we can expect a drop with a confluence of volume profile, initially 50% will be an ideal pullback from bottom. Incase if we break 19680 then this behaviour/pattern will be void. 19800 and 19500 are going to be intraday resistance and support for the next session.

Coming to Monday's trade setup, if index opens flat and a 15 min candle closes above 19680 then we will long for the target of 19800 and 19900 zone.

For selling we need a 15 min candle close below 19600. T- 19500 and 19420.

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.