NIFTY Intraday Trade Setup For 6 Jun 2022
Buy-Above 16800
Sl-16750
T-16850 16950
Sell-Below 16565
Sl-16620
T-16470 16440
NIFTY has formed a shooting star in weekly TF. Low of the candle is 16438. Below candle's low, we can expect a fall till 16000. Whole week it traded between a range - 16800 and 16438. In the coming week the next direction move will be triggered above 16800 in the upside and 16435 in the downside.
Coming to Monday's trade setup, if index opens flat and a 15 Min candle closes below 16570, we will short for the target of 16440-70. 16440 is an important support. In case a 15 Min candle closes below this then we can extend our short position till 16350.
For buying we need to wait till a bullish price action is established in 15 Min TF. And in the safer side will will long only above 16800. Target will be near 16950.
In case of a big gap up/down, wait till 10 o'clock and mark the high and low of the trading range. Trade on this range breakout.
Intraday Support- 16440
Intraday Resistance- 16720,16800
Hourly Support- 16440
Hourly Resistance- 16800
Buy-Above 16800
Sl-16750
T-16850 16950
Sell-Below 16565
Sl-16620
T-16470 16440
NIFTY has formed a shooting star in weekly TF. Low of the candle is 16438. Below candle's low, we can expect a fall till 16000. Whole week it traded between a range - 16800 and 16438. In the coming week the next direction move will be triggered above 16800 in the upside and 16435 in the downside.
Coming to Monday's trade setup, if index opens flat and a 15 Min candle closes below 16570, we will short for the target of 16440-70. 16440 is an important support. In case a 15 Min candle closes below this then we can extend our short position till 16350.
For buying we need to wait till a bullish price action is established in 15 Min TF. And in the safer side will will long only above 16800. Target will be near 16950.
In case of a big gap up/down, wait till 10 o'clock and mark the high and low of the trading range. Trade on this range breakout.
Intraday Support- 16440
Intraday Resistance- 16720,16800
Hourly Support- 16440
Hourly Resistance- 16800
