NIFTY Intraday Trade Setup For 23 May 2022
Buy-Above 16285
Sl-16225
T-16400 16500 16600
Sell-Below 16180
Sl-16230
T-16100 16000
NIFTY closed at day high on Friday. The weekly candle is a bullish engulfing candle. Next downside move will be come below 15700. Till then no aggressive selling. The daily price structure is on a reversal situation. Above 16500 a bounce can be expected till 17200 in the coming weeks.
Coming to Monday's trade setup, we will long above 16285 for the target of 16400, 16500 and 16600. 16500 is a crucial level, above this index is likely to touch 17200.
For selling if a 15 min candle closes below 16200 then below that candle, short for the target of 16100 and 16000. Book max at 16000.
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- 16000
Intraday Resistance- 16400
Hourly Support-15700
Hourly Resistance- 16800
Buy-Above 16285
Sl-16225
T-16400 16500 16600
Sell-Below 16180
Sl-16230
T-16100 16000
NIFTY closed at day high on Friday. The weekly candle is a bullish engulfing candle. Next downside move will be come below 15700. Till then no aggressive selling. The daily price structure is on a reversal situation. Above 16500 a bounce can be expected till 17200 in the coming weeks.
Coming to Monday's trade setup, we will long above 16285 for the target of 16400, 16500 and 16600. 16500 is a crucial level, above this index is likely to touch 17200.
For selling if a 15 min candle closes below 16200 then below that candle, short for the target of 16100 and 16000. Book max at 16000.
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- 16000
Intraday Resistance- 16400
Hourly Support-15700
Hourly Resistance- 16800
