NIFTY has closed on a bullish note with 0.81% gain today. Buy triggered as per trade setup above 26050 and trade went in favor to hit the target of 26200. Everyday it is being said that one needs to follow buy on dips approach till index is closing above previous day low. Be alert for sentiment reversal only when index closes below PDL in daily TF however index looks stretched.
Coming to Friday's trade setup, if index opens flat and a 15 Min candle closes above 26270 then we will long for the target of 26460.
For selling we need a 15 Min candle close below 26080. T- 25900.
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.
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This is my personal analysis for my personal trading. Kindly consult your financial advisor before taking any actions based on this.
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