Nifty 50 Intraday Trade Setup for 09th October 2020

Hello everyone,

Nifty has given an awesome move in the upside for the last 2 weeks. The index is still bullish until its not break 11500 but as I said always the Intraday trader doesn't care about the longer trend since the nature of trade is in the very short time frame. The current level is the strongest resistance as per fib and from the previous day swing high.

Chances for correction or a sideways market at the current level so our trade is based on this view. Consider a short position in today's trading session and it has 2 levels.

1st level is 11780 SL: 11835(Closing basis) Target is Open

The second level is based on the volatility of the index. if you have seen any up move in the first trading session and index test 11870-11890 again then open short from the top with a tight SL (11910).

Buying position only and only on confirmation and its come above 11920