NIFTY Intraday Trade Setup For 17 Feb 2022
Buy-Above 17500
Sl-17450
T-17585 17650
Sell-Below 17250
Sl-17300
T-17150 17100
As we discussed yesterday that Index may trade sideways. This was expected after a big move. However today's trading range will be very helpful for tomorrow's expiry. Index has made a range of 230 points. Trade setup is very simple , the high and low will be the trigger to buy and sell. It has taken resistance from the hourly trendline plotted in the chart.
Today's high is 17490. if we get a 5 Min candle close above 17490 and then 17500 is crossed, we will buy targeting 17585. This is a gap area created on 11 Feb. Consider booking profits there. Then we we find any expiry range then we will trade range shift.
For selling if a 15 Min candle closes below 17285 then short below 17250 for the target of 17100. 17100 can act as support. So, book profits there.
Between this range one can sit tight by selling the range 17500 and 17250. Hold this strangle till range is shifted. When range will be shifted plan the direction trade as per the buy and sell levels.
In case of a big gap up or gap down , we will wait till 10 o'clock and trade that range breakout or breakdown.
Buy-Above 17500
Sl-17450
T-17585 17650
Sell-Below 17250
Sl-17300
T-17150 17100
As we discussed yesterday that Index may trade sideways. This was expected after a big move. However today's trading range will be very helpful for tomorrow's expiry. Index has made a range of 230 points. Trade setup is very simple , the high and low will be the trigger to buy and sell. It has taken resistance from the hourly trendline plotted in the chart.
Today's high is 17490. if we get a 5 Min candle close above 17490 and then 17500 is crossed, we will buy targeting 17585. This is a gap area created on 11 Feb. Consider booking profits there. Then we we find any expiry range then we will trade range shift.
For selling if a 15 Min candle closes below 17285 then short below 17250 for the target of 17100. 17100 can act as support. So, book profits there.
Between this range one can sit tight by selling the range 17500 and 17250. Hold this strangle till range is shifted. When range will be shifted plan the direction trade as per the buy and sell levels.
In case of a big gap up or gap down , we will wait till 10 o'clock and trade that range breakout or breakdown.
