Bullish Price Action in Nifty 50!

Nifty has been sideways. The level of 24500 and 24860 are still valid as support and resistance. However, Nifty 50 is making a bullish price action in 15 minute timeframe. 24680 is the resistance of for past two days and today as well. Head and shoulder pattern is being setup here.

For long setup, we need one of the two scenarios. First, there can be a gap up open and then a steep fall and a quick recovery before 12 pm. Second, the price might open flat and then a steep fall, taking all the sell side liquidity and then a strong close above 24680. The level 24680 is crucial for any long trades to be taken. The target can be till 24860 at max.

For short setup, the levels are not clear but 24600 is a immediate support where the price has shown rejection. The ideal short setup would be either a gap up open and then testing 24600 multiple times and breaking it to the downside. There can be another situation where the price might open flat and without going any down it goes straight up take the buy side liquidity and then close below 24600. This all has to happen before 12 pm. The target would be till 24500.

Remember, the index is sideways on a higher timeframe and the market might not give any movement at all. So wait for the setup to happen and then take a trade.

Nifty 15 minute chart