NIFTY has closed on a negative note with 0.42% cut on Tuesday. Last day it opened with decent gap up and triggered sell as per trade setup and as per 10 o'clock range also. Sell trade gave 70 points gain with a slow momentum. Tuesday's 2nd half trading range will be used to build next day's trade setup. Sustaining above day high and low will lead to a directional move either side.
Coming to Thursday's trade setup, if index opens flat and a 15 Min candle closes above 17720 then we will long for the target of 17800. Above 17815 if sustained then we will hit 17880 and 17950.
For selling we need a 5/15 Min close below 17637. Target will be 17520 and 17420. In between 17580 and 17470 are marked.
In case of a big gap up/down, wait till 10 o'clock and mark the high and low of the trading range. Trade on this range breakout.
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