NIFTY Intraday Trade Setup For 07 Feb 2022
Buy-Above 17580
Sl-17540
T-17670 17745
Sell-Below 17460
Sl-17500
T-17375 17310
NIFTY has just consolidated on Friday's trading session. NIFTY was stronger than BANKNIFTY. Seeing 15 Min candles , we can clearly see buying activity happening. There are lower wick rejection candles being formed at 17500 level. Bulls are trying to hold at this level.
But we can not buy at any price. We need a perfect entry with confirmation to initiate our buy trade. There is trendline being followed in 15 Min TF. That will the first trigger. Then we need a candle close above 15570. 1st target will be of 100 points.
Incase index breaks the support zone and closes below 17480 in 15 Min TF. Then we will sell below 17460 for the target of 17395 and 17310.
Let market decide where it will head. We have triggers with us. Ideal trade will be on flat opening. Incase of a big gap up or gap down we will wait till 10 o' clock and then trade that range. Also the 15 Min candle will be important. Weather it will be lower wick rejection candle in case of gap down.
Buy-Above 17580
Sl-17540
T-17670 17745
Sell-Below 17460
Sl-17500
T-17375 17310
NIFTY has just consolidated on Friday's trading session. NIFTY was stronger than BANKNIFTY. Seeing 15 Min candles , we can clearly see buying activity happening. There are lower wick rejection candles being formed at 17500 level. Bulls are trying to hold at this level.
But we can not buy at any price. We need a perfect entry with confirmation to initiate our buy trade. There is trendline being followed in 15 Min TF. That will the first trigger. Then we need a candle close above 15570. 1st target will be of 100 points.
Incase index breaks the support zone and closes below 17480 in 15 Min TF. Then we will sell below 17460 for the target of 17395 and 17310.
Let market decide where it will head. We have triggers with us. Ideal trade will be on flat opening. Incase of a big gap up or gap down we will wait till 10 o' clock and then trade that range. Also the 15 Min candle will be important. Weather it will be lower wick rejection candle in case of gap down.
