Nifty Trade setup for 16 May 2022
Nifty likely to have a gap up opening around Bearish Reversal Zone.
Structurally Nifty is bearishly aligned for the day and at key support levels.
The immediate resistance for nifty will be 16000 levels.
In case of gap up opening and sustains above Bearish Reversal zone and we get buy triggers on indicators around these levels we can possibly go long for quick scalp to R1 & PDH.
Any confirmed sell trigger around R1 we can anticipate market to be in range and might again test out CPR range.
In case if T1 is taken out on upside we can expect 16150 levels , previous V-CPR as the target.
Nifty likely to have a gap up opening around Bearish Reversal Zone.
Structurally Nifty is bearishly aligned for the day and at key support levels.
The immediate resistance for nifty will be 16000 levels.
In case of gap up opening and sustains above Bearish Reversal zone and we get buy triggers on indicators around these levels we can possibly go long for quick scalp to R1 & PDH.
Any confirmed sell trigger around R1 we can anticipate market to be in range and might again test out CPR range.
In case if T1 is taken out on upside we can expect 16150 levels , previous V-CPR as the target.