Here’s the Trade Setup for Tuesday, 16 Jan that can become the game changer for you in the market. The nifty 50 has been on an uptrend for the past few days. In the previous market session, Nifty opened at ₹22,053.15 and closed around ₹22,097. There was around a 0.93% rise yesterday. The speculations made about Nifty touching the ₹25,000 mark are coming close to the truth. The first half of 2024 speculates to be growth-oriented. Thus, the market seems to be bullish. It expects to open at a higher mark as compared to yesterday. We will be discussing some key points to know as a Trade Setup for Tuesday, 16 Jan.
The Monday market closed following an uptrend. The candle sticks patterns indicate a bullish market following higher highs and lows. The index follows the trend from the last few days indicating a good growth in the upcoming days. Nifty might set its new record by the month’s end.
Yesterday witnessed a quick fall in the first half of its opening leading to a panic situation. The weekly structure is very nice, giving a good start to the week. However, the speculators expected a follow-through momentum that replaced a sharp reversal yesterday.
The 2024 Budget also has an impact on the market’s performance. It is triggering many traders about the uncertainties of the market. However, the pre-budget phase states to have a high chance of a rise in the market. The election’s uncertainty can affect the market, leading to a temporary downfall.
Many speculators have pointed out the HDFC’s closing time momentum and patterns yesterday. Senior Technical & Derivative Analyst of LKP Securities considers it to have a positive outcome from the above. HDFC Bank and Reliance are said to be having a crucial role in yesterday’s closing and second half.
In the Trade Setup for Tuesday, Nifty is expected to open at ₹22,200 today. There can be a gap-up in today’s opening. Buying can be preferred if the market opens up flat in the range of ₹22,050 to ₹22,110. However, if the markets sustained as green for 15 minutes after opening on the gap, it can also be a positive sign for fresh buyers.
Yesterday we had a day low of ₹21,970. Sellers can prefer the selling if the market hits below ₹21,970 for 15-minute frames. Many of the investors hold for the day. However, it is preferred to not hold for a whole day during this market scenario. We hope you get enough information for the trade setup for Tuesday. It is important to note that all the information mentioned above is opinions and not facts.