Nifty 50 Trading Setup for 24th December
Nifty 50 has been able to close 160+ points on 23rd December. Last week was totally red for Nifty and there was no good support throughout the week.
Our Nifty Prediction was very helpful with one of the short setup that we discussed on 20th December happening today. As discussed, Nifty opened gap up and went till 23878. The level of 23878 was acting as resistance and the prices turned down from there. More than 200 points were available for capturing. Nifty defended the open and closed almost at the same level.
The last week has been negative and there is a little chance of a quick recovery. The price can move sideways for few more days and try to recover after testing 23300. Nifty is bullish only above 24069. However, the price might test 23878 and 23537 while moving sideways. 23300 is a strong support and might not break this week.
Let's discuss some scenarios that we can trade on 24th December.
Nifty 50 long trading setup for 24th December
Scenario #1: One bullish setup can be when the price open flat or gap up and then take the liquidity below or at today's close and close above 23878. A slight variation can be when price open flat and take the liquidity below today's low and then test 23878 and closes above it. A rapid fall will be needed before a good breakout happen with a fast recovery.
Scenario #2: The next setup that seems possible is when the prices open gap down and go below 23530 or near it and then takes support at 23557.
Nifty 50 Short trading setup for 24th December
Scenario #1: This is most probable setup with price opening gap up and testing 23878 but are rejected and there is no recovery at all to the level. The prices might test 23537. In that case, making this a high RRR trade.
Scenario #2: The bearish move can continue with prices opening gap down and then after coming near today's low or close, might test the 23537 level. If all this happen before 11 am then we can expect targets till 23274.
There is high chance that the market can go sideways and might not give any breakout. I am thinking of market consolidating at the present level and then testing 23274 and then bounce back.
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