NIFTY Intraday Trade Setup For 22 Aug 2022
Buy-Above 17825
Sl-17770
T-17900 17960
Sell-Below 17710
Sl-17760
T-17640 17590 17525
So after a continuous rally of more than 18% in 2 months market has taken a halt on Friday. Trailing sl for long was hit on Friday as we closed below PDL. A shooting star has been formed in weekly charts which suggests trend reversal in short term. Activation of shooting star is below its low i.e 17700. Incase bulls take out the high which 17800 then we may test ATH.
Coming to Monday's trade setup, the daily candle is a bearish engulfing which has engulfed 3 sessions gain completely which indicates a bearish sentiment. So, if a 5 Min candle closes below 17710 then we will short for the target of 17640, 17590 and 17520-25.
We will be cautious in longs from now. If a 15 Min candle closes above 17825 then we will long for the target of 17900 and if trailing sl helps then ride till 17960.
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.
Weekly View
Buy-Above 17825
Sl-17770
T-17900 17960
Sell-Below 17710
Sl-17760
T-17640 17590 17525
So after a continuous rally of more than 18% in 2 months market has taken a halt on Friday. Trailing sl for long was hit on Friday as we closed below PDL. A shooting star has been formed in weekly charts which suggests trend reversal in short term. Activation of shooting star is below its low i.e 17700. Incase bulls take out the high which 17800 then we may test ATH.
Coming to Monday's trade setup, the daily candle is a bearish engulfing which has engulfed 3 sessions gain completely which indicates a bearish sentiment. So, if a 5 Min candle closes below 17710 then we will short for the target of 17640, 17590 and 17520-25.
We will be cautious in longs from now. If a 15 Min candle closes above 17825 then we will long for the target of 17900 and if trailing sl helps then ride till 17960.
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.
Weekly View
