Intraday Setup | Nestle | 25/11/2024

Nifty was up by 400 points in the initial hour. The move was clearly bullish and there was no point looking for short trade. For Nestle, when the price opened above 2245, this was acting as resistance for the last few session, there was a need of bullish price action for trade to be taken. This price action could have been accompanied by a good liquidity sweep from the lower levels and then a strong close above the day high. The immediate resistance would have been 2290 on the basis of chart or 2300 (this being a round number).

The price did not take liquidity from the lower levels and the U patterns was very weak. Scalping trade could have been possible but this was not a high RRR trade. For risky traders, long trade could have been initiated and in case there was no strong candle forming in the next one hour. The trade could have been closed with small profit.