NIFTY has formed a shooting star candle in daily TF, closed almost flat. Last day we planned to buy above 16280. As soon a 5 Min candle candle closed above our buy level it gave a move till our target 16400+. Then a sharp fall from 6400 was seen. It was a smooth day.
Coming to tomorrow's trade setup, we will long above 16415. Aggressive trade can be done if a 15 min candle closes above 16400. This time it will be a short covering move and index will head towards 16500, 16600 and 16700.
For selling if a 15 Min candle closes below 16200 then short for the target of 16100 and 16000. One can short from 16350 also.
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.
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.