Nifty 50 trading setups for 17th December
Nifty 50 has been sideways on 16th December. The prices have support at 24500 and resistance at 24860. On 16th December the prices have taken support at 24600 and resistance at 24800. The index is sideways and the intraday movement 180 points is a part of it. We need to implement strategies that work well in sideways market. However, there can be some small directional trades possible.
Nifty 50 Long trade Setup:
Scenario #1: The price opens gap down and tests 24500 in first 90 minutes of the session. If it crosses 24500 we should not look for short trades immediately. Instead, there are more chances of price bouncing from 24500 and might go up. If the price start trading above 9 EMA in 15 minute chart then we can expect it to test 24600 and 24700 respectively.
Scenario #2: The prices open flat and after going down to 24600 goes on to close above 24800, then the price might go till 24860.
Nifty 50 short trade Setup
Scenario #1: The market might open gap up and then approaches 24860 and fall below to day low. We have to wait for the price to trend below 9 EMA in 15 minute chart.
Scenario #2: Market might open gap down or flat and takes the buy side liquidity above 24700 and then tests 246600 and breaks down to 24500.
Please remember that 24500 and 24860 are important levels and any trade having targets beyond these needs to be trailed closely.
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