5th December: Nifty 50 intraday trading setups
Today the first half was not having much opportunity but the second half had so many opportunities and that too at the same time. In fact, the setups are all similar. I would be brief in my description as the explanation will be similar.
Infosys: 1913 was a resistance and it was yesterday's high as well. This level was multiple time tested as this was also a support previously. The market did face rejection showing that the sellers are interested at the level. However, the recovery was very steep and close was confident. This was a valid setup and a good entry. The sudden fall in the last hour was totally unpredictable and abrupt. In situation like these, position sizing, risk management and trailing SLs are important.
Tata consultancy service: TCS had similar setup as Infosys. 4377 was the resistance. The U shaped recovery above the 4377 level taking support at the level was a strong setup.
Titan: Titan had a resistance 3341. The resistance was broken yesterday but the momentum and the liquidity hunting was not there. Today the ideal situation was presented and it had momentum.
Wipro: 296 was a resistance and an ascending triangle chart pattern was forming. Similar set up as mentioned in the two cases above. If we can combine the chart patterns with candlestick and liquidity concepts the accuracy improves a lot.
Tech Mahindra: Tech Mahindra formed the rejection pattern above the resistance of 1763. This was a valid setup. The volatility was to be handled.
ICICI Bank: This stock did give us one entry yesterday as well. However, the trade went sideways with small profit. Today, we again got the setup and the trade was successful.
Bajaj Finance: 6731 was the resistance. Like ICICI bank the momentum was not there yesterday. Today, we had everything working for us. Setup is similar as other stocks in the article. The only thing here was that the target was visible.
Mahindra and Mahindra: Similar setup as others. The trade was profitable.
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