NIFTY Intraday Trade Setup For 10 May 2022
Buy-Above 16405
Sl-16345
T-16500 16600
Sell-Below 16140
Sl-16200
T-16070 16000
NIFTY hit our swing target of 16150, sold from 16800. A perfect bounce came from the PRZ and index gave 250 points move from PRZ. Also the 10 o'clock range broke upside above 16270. It was a good day. Now for a perfect reversal we need to wait for a double bottom in 15 min TF to plan for a swing reversal trade.
Coming to tomorrow's trade setup, if a candle closes above 16405 then above that candle high we will long for the target of 16500, 16600 and 16700. 16500 and 16700 both are resistance area.
For selling if index opens flat and a 15 Min candle closes below 16150, below that candle low, we will sell for the target of 16000. It is a psychological level. 16980-16000 can act as a support zone, a bounce can be expected from here.
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-16140
Intraday Resistance- 16400
Hourly Support- 15980
Hourly Resistance- 16700
Buy-Above 16405
Sl-16345
T-16500 16600
Sell-Below 16140
Sl-16200
T-16070 16000
NIFTY hit our swing target of 16150, sold from 16800. A perfect bounce came from the PRZ and index gave 250 points move from PRZ. Also the 10 o'clock range broke upside above 16270. It was a good day. Now for a perfect reversal we need to wait for a double bottom in 15 min TF to plan for a swing reversal trade.
Coming to tomorrow's trade setup, if a candle closes above 16405 then above that candle high we will long for the target of 16500, 16600 and 16700. 16500 and 16700 both are resistance area.
For selling if index opens flat and a 15 Min candle closes below 16150, below that candle low, we will sell for the target of 16000. It is a psychological level. 16980-16000 can act as a support zone, a bounce can be expected from here.
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-16140
Intraday Resistance- 16400
Hourly Support- 15980
Hourly Resistance- 16700
