Intraday Setup for Tuesday 05 August

Market Structure Over Sentiment

The market is currently trading in a confusing zone, especially with negative global sentiment in the backdrop. But remember — that sentiment only matters if the Friday hourly low breaks. Until then, stay technical, stay objective

🧭 Market Structure Overview:
Daily Trend: Continues to form lower lows, indicating weakness in the broader trend.

Hourly Timeframe: Trading near key support, forming a triple bottom at 24,500 – an important level to watch for breakdown or bounce.

5-Minute Chart (Intraday): Showing signs of higher highs, suggesting short-term buying interest.

Key Intraday Levels (Nifty):
24,800 – Critical Resistance Zone
➤ Watch Price Action Closely Here

If reversal comes from this level, it may offer a high-probability shorting opportunity.

A breakout above 24,800 is tricky – may trigger false moves, so wait for confirmation.

24,640 – Scalp Short Opportunity
➤ A good level for a quick short, provided the momentum supports it.

Ideal for scalpers looking for small, sharp moves.

Final Note:
Don’t get influenced by noise. Let the structure guide your trades. As long as Friday’s hourly low holds, bulls have a reason to defend. Below that — bears take the lead.