NIFTY Intraday Trade Setup For 16 May 2024
NIFTY Intraday Trade Setup For 16 May 2024
Bullish-Above 22300
Invalid-Below 22250
T- 22478 22675
Bearish-Below 22150
Invalid-Above 22200
T- 21965 21800
NIFTY has closed on an absolute flat note today. Since last two days index was strongly bullish. And as per simple market phases, index turns sideways after a parabolic move so has happened today. Index traded in a tight range. 22300 and 22150 is the range for tomorrow, we will simply trade this range breakout. Best trade will be on opening inside this range. Both side momentum will be good so will have neutral view.
Coming to Thursday's trade setup, if index opens flat and a 15 Min candle closes above 22300 then we will long for the target of 22478 and 22674.
For selling we need a 15 Min candle close below 22150. T- 21965 and 21800.
In case of a big gap up/down, wait till 10 o'clock and mark the high and low of the trading range (5MIN). Trade on this range breakout.
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I am Not SEBI Registered
This is my personal analysis for my personal trading. Kindly consult your financial advisor before taking any actions based on this.
Bullish-Above 22300
Invalid-Below 22250
T- 22478 22675
Bearish-Below 22150
Invalid-Above 22200
T- 21965 21800
NIFTY has closed on an absolute flat note today. Since last two days index was strongly bullish. And as per simple market phases, index turns sideways after a parabolic move so has happened today. Index traded in a tight range. 22300 and 22150 is the range for tomorrow, we will simply trade this range breakout. Best trade will be on opening inside this range. Both side momentum will be good so will have neutral view.
Coming to Thursday's trade setup, if index opens flat and a 15 Min candle closes above 22300 then we will long for the target of 22478 and 22674.
For selling we need a 15 Min candle close below 22150. T- 21965 and 21800.
In case of a big gap up/down, wait till 10 o'clock and mark the high and low of the trading range (5MIN). Trade on this range breakout.
==========
I am Not SEBI Registered
This is my personal analysis for my personal trading. Kindly consult your financial advisor before taking any actions based on this.
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